2021-09-28 • Updated
Investors have favored gold at the start of the week due to the worries over China’s Evergrande debt crisis. As we know, the yellow metal tends to rise in times of market instability. However, the growth has stopped fast due to the strong US dollar (gold and the USD have an inverse relation). The greenback gained as traders expect the Federal Reserve to hike rates earlier than initially thought. Indeed, the US central bank has started talking in a more hawkish manner. As a result, the USD is likely to keep rising and gold – falling.
XAU/USD has formed a symmetrical triangle pattern. The lower line of the triangle intersects with the support level of $1730 – the low of August 9. If it breaks below this support line, it will mean that gold escapes the triangle, so the way down to the psychological mark of $1700 will be open. In the opposite scenario, if gold reverses up from the $1730 level, it may jump to $1750 – the recent high.
Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone
Bullish scenario: Intraday buys above 2160.00 with TP: 2171 and TP2: 2177 // Bearish scenario: Sells below 2177 with TP1: 2150, TP2: 2142, and 2126
This article uses price action and volume profile techniques to address a fundamental and technical perspective based on the daily chart analysis of spot gold (XAUUSD).
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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