empty
 
 
fr
Assistance
Ouverture rapide de compte
Plateforme de trading
Déposer / Retirer

29.09.202317:10 Forex Analysis & Reviews: Gold crashes post US data

The price of gold climbed as much as 1,879 today where it has found strong supply. Now, it has turned to the downside as the Dollar Index rallied. USD's appreciation versus its rivals could force the yellow metal to approach and reach new lows.

Fundamentally, the USD reported mixed data today. The Revised UoM Consumer Sentiment came in at 68.1 points above 67.7 expected, Chicago PMI came in worse than expected at 44.1 points versus 47.5 points , while Core PCE Price Index reported only a 0.1% growth versus the 0.2% growth estimated.

XAU/USD Challenges Key Support!

Exchange Rates 29.09.2023 analysis

Technically, XAU/USD jumped above the downtrend line and reached the 1,879 static resistance. It has turned to the downside after registering only a false breakout with great separation above the S3 (1,876).

Now, it is challenging the downtrend line again. This represents dynamic support, while the 1,857 stands as a static obstacle.

XAU/USD Forecast!

A bearish closure below 1,857 activates more declines and brings new selling opportunities. Only false breakdowns below the immediate support levels may announce a new bullish momentum.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

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.

Can't speak right now?
Ask your question in the chat.