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 XAU/USD pair is moving sideways in the short term, trying to accumulate more bullish energy before extending its growth. It's located at 2,044 at the time of writing and it seems undecided. The Dollar Index moves somehow sideways in the short term, that's why the yellow metal consolidates.
The bias is bullish even if the US Prelim GDP reported a 5.2% growth compared to the 5.0% growth estimated. Today, the US economic data and the OPEC-JMMC Meetings could shake the markets. The US is to release the Unemployment Claims, Core PCE Price Index, Pending Home Sales, Chicago PMI, Personal Income, and Personal Spending. Only positive US data could help the USD to appreciate versus its rivals. This situation could send XAU/USD down. In addition, Canada is to release the GDP which represents a high-impact event as well.
Technically, Gold is trapped between 2,051 and 2,038 levels. I told you yesterday that the bias remains bullish as long as it stays above the 2,038 static support.
As you can see, the rate registered false breakdowns below this downside obstacle, confirming strong upside pressure.
A new higher high, jumping and closing above 2,051 is seen as a bullish signal.
Dropping and closing below 2,038 activates a potential drop towards the uptrend line.
*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.
