empty
17.03.2023 03:25 PM
Gold accelerates its rally

The yellow metal is strongly bullish and it seems determined to approach and reach new highs. It's trading at 1,948 at the time of writing far above yesterday's low of 1,907. As you already know from my analyses, XAU/USD is bullish as the Dollar Index dropped again in the short term.

After the US PPI, Core PPI, Retail Sales, and Core Retail Sales came in worse than expected on Wednesday, the price of gold was expected to resume its upwards movement. Today, the US Prelim UoM Consumer Sentiment is predicted at 66.9 points. This is seen as a high-impact event, while Industrial Production and Capacity Utilization Rate is expected to be better compared to the previous reporting period. In my opinion, poor US figures should weaken the greenback and could boost XAU/USD.

XAU/USD 1,959 As Target!

This image is no longer relevant

Technically, you knew from my analyses that the bias is bullish as long as it stays above the upper median line (uml) and above 1,914.

Now, it has ignored the 1,937 static resistance (upside target) and it seems unstoppable. It has reached the R3 (1,949) which represents an upside target as well.

XAU/USD Forecast!

The aggressive breakout through 1,937 was seen as a bullish signal, the 1,959 historical level represents a major upside target. Taking out this upside obstacle announces an upside continuation.

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 for May 30th (U.S. Session)

Trade Analysis and Advice on Trading the Japanese Yen The designated levels were not tested in the first half of the day. We did not reach 144.17, and even

Jakub Novak 13:37 2025-05-30 UTC+2

GBPUSD: Simple Trading Tips for Beginner Traders for May 30th (U.S. Session)

Trade Analysis and Advice on Trading the British Pound The price test at 1.3461 during the first half of the day occurred when the MACD indicator had just started moving

Jakub Novak 13:35 2025-05-30 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders for May 30th (U.S. Session)

Trade Analysis and Advice on the Euro The price test at 1.1331 occurred when the MACD indicator had already moved significantly below the zero mark, limiting the pair's downward potential

Jakub Novak 13:33 2025-05-30 UTC+2

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
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.