Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
The price of gold edged higher and now is trading at 2,022 at the time of writing. It has climbed as much as 2,026 today, registering a new high. You knew from yesterday's analysis that the XAU/USD is strongly bullish and it could resume its growth.
Surprisingly or not, the yellow metal jumped higher, even though the US data came in better than expected earlier today. The ISM Services PMI was reported at 51.9 points above the 51.8 points estimated, while ADP Non-Farm Employment Change was reported at 296K versus 148K expected. Still, XAU/USD extended its leg higher ahead of the FOMC. As you already know, the FED is expected to deliver a 25 bps hike again. It seems that the traders are expecting a dovish or neutral speech.
Technically, you knew from my previous analysis that Gold could resume its growth after jumping and closing above the R1 (2,007) and above the 2,015 static resistance.
I told you yesterday that the rate could retest the R1 before jumping higher. A small retreat and a short-term consolidation were natural as the rate needed more bullish energy.
The R1 (2,007) retest was seen as a new buying signal. Also, the bullish closure above yesterday's high of 2,019 represented a buying opportunity. Further growth could be confirmed also by a bullish closure above the R2 (2,026).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
