empty
31.01.2023 09:52 AM
Gold towards new lows against USD

XAU/USD crashed in the short term as the USD appreciated versus its rivals. Now, it's trading at 1,914. Technically, the yellow metal escaped from a distribution pattern, so more declines are in the cards.

The bias is bearish in the short term, but it remains to see how the price reacts after the US CB Consumer Confidence, Canadian GDP, and the New Zealand Employment Change and Unemployment Rate. These are seen as high-impact events, so the volatility could be huge.

Also, don't forget that we'll have the FOMC, BOE, and ECB during the week. The central banks are expected to increase their interest rates again. Also, the US NFP, ISM Services PMI, Unemployment Rate, Average Hourly Earnings, ADP Non-Farm Employment, ISM Manufacturing PMI, and JOLTS Job Openings serve as high-impact events as well.

XAU/USD Challenging Dynamic Support!

This image is no longer relevant

XAU/USD escaped from the minor range pattern signaling that this represents a downside formation. Now, it is challenging the median line (ml). This represents dynamic support.

Technically, staying near 1,920 - 1,918 signaled an imminent breakdown and a larger correction in the short term.

XAU/USD Forecast!

Stabilizing below the median line (ml) and making a new low, bearish closure below 1,911 and below the S1 (1,909) activates a deeper drop toward 1,896. This represents a bearish signal.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

USD/JPY: Simple Trading Tips for Beginner Traders on May 30. Review of Yesterday's Forex Trades

The price test at 144.88 coincided with the moment when the MACD indicator had already moved significantly downward from the zero mark, limiting the pair's downside potential. For this reason

Jakub Novak 08:55 2025-05-30 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 30. Review of Yesterday's Forex Trades

The price test at 1.3461 in the second half of the day coincided with the moment when the MACD indicator had already moved significantly downward from the zero line, which

Jakub Novak 08:55 2025-05-30 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 30. Review of Yesterday's Forex Trades

The price test at 1.1306 coincided with the MACD indicator's just-starting upward movement from the zero mark, confirming the correct entry point for buying the euro and resulting

Jakub Novak 08:55 2025-05-30 UTC+2

Intraday Strategies for Beginner Traders on May 30

The euro, pound, and other risk assets, including the Japanese yen, rose sharply against the U.S. dollar, and there were objective reasons for this. A weak report on the growth

Miroslaw Bawulski 08:37 2025-05-30 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders – U.S. Session, May 29th

Trade Analysis and Guidance for Trading the Japanese Yen The price test at 145.64 coincided with the MACD indicator just beginning its downward movement from the zero line, confirming

Jakub Novak 20:03 2025-05-29 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders – U.S. Session, May 29th

Trade Analysis and Guidance for Trading the British Pound The price test at 1.3455 during the first half of the day occurred just as the MACD indicator began to rise

Jakub Novak 20:01 2025-05-29 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders – U.S. Session, May 29th

Trade Analysis and Tips for the Euro The price test at 1.1269 coincided with the MACD indicator beginning to rise from the zero line, confirming a valid market entry point

Jakub Novak 19:59 2025-05-29 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 29. Review of Yesterday's Forex Trades

The price test at 144.59 occurred when the MACD indicator moved significantly above the zero line, limiting the pair's upward potential. For this reason, I did not buy the dollar

Jakub Novak 08:43 2025-05-29 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 29. Review of Yesterday's Forex Trades

The price test at 1.3461 in the second half of the day occurred when the MACD indicator had already significantly moved below the zero mark, which limited the pair's downside

Jakub Novak 08:43 2025-05-29 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 29. Review of Yesterday's Forex Trades

The first test of the 1.1302 price level in the second half of the day occurred when the MACD indicator had already moved significantly below the zero line, which limited

Jakub Novak 08:43 2025-05-29 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.