Gold Sits Near Seven-Month Peak
2023.01.10 13:42
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Gold prices have risen to the highs of the last seven months, balancing above 1882.00 USD per Troy ounce. The demand for gold flourished after the weakened, and the demand for safe-haven assets increased.
Fundamentally, gold is supported by the market hope for a slow-down in the growth of the US interest rate. The market is still confident that the Fed will soon soften its policy. The minutes of the latest meeting somewhat cooled down these moods but not completely.
On H4, has formed a consolidation range of around 1832.25. Today the market has extended it upwards to 1865.00 and tested 1832.25 from above. At the moment, the market is pushing gold quotes to 1888.50.
After this level is reached, a link of correction to 1831.25 is not excluded, followed by growth to 1901.00. Technically, this scenario is confirmed by the MACD: its signal line is above zero, heading strictly upwards.
On H1, XAU/USD has completed a structure of an impulse of growth to 1864.69. A consolidation range has formed around it today. With an escape upwards, a pathway to 1888.50 will open.
After it is reached, a link of correction to 1864.70 should start. Technically, this scenario is confirmed by the Stochastic oscillator: its signal line is above 80, and a decline to 20 is expected after it is reached.
Disclaimer: Any forecasts contained herein are based on the author’s opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
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