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
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Analysis and trading tips for EUR/USD and GBP/USD on March 24 (US session)

Euro and pound fell as risk appetite dwindled due to weak economic activity in both the eurozone and the UK. But activity data from the US, which

Jakub Novak 16:00 2023-03-24 UTC+2

Analysis and trading tips for GBP/USD on March 24

Analysis of transactions and tips for trading GBP/USD The pair tested 1.2335 at a time when the MACD line was already far from zero, limiting the upside potential

Jakub Novak 08:05 2023-03-24 UTC+2

Analysis and trading tips for EUR/USD on March 24

Analysis of transactions and tips for trading EUR/USD The pair tested 1.0893 at a time when the MACD line was far from zero, limiting the downside potential of the pair

Jakub Novak 08:03 2023-03-24 UTC+2

USD/CAD: new downtrend, 1.3658 as downside obstacle

The USD/CAD pair is trading at 1.3673 at the time of writing and it stands above the 1.3658 former low which represents a downside obstacle

Ralph Shedler 14:30 2023-03-23 UTC+2

Analysis and trading tips for EUR/USD and GBP/USD on March 23 (US session)

Growth in euro is slowing as buying activity started to weaken after the pair updated the March high. In addition, yesterday's momentum could very quickly turn into a smooth decline

Jakub Novak 11:20 2023-03-23 UTC+2

Analysis and trading tips for GBP/USD on March 23

The pair tested 1.2249 at a time when the MACD line was just starting to move above zero, which was a good reason to buy. This led to a price

Jakub Novak 08:35 2023-03-23 UTC+2

Analysis and trading tips for EUR/USD on March 23

The pair tested 1.0795 at a time when the MACD line was just starting to move above zero, which was a good reason to buy. There was an upward movement

Jakub Novak 08:33 2023-03-23 UTC+2

Gold turns to upside as expected

The price of gold rallied in the last hours and now is trading at 1,950 far above today's low of 1,934. You knew from my previous analysis that XAU/USD maintains

Ralph Shedler 17:32 2023-03-22 UTC+2

Analysis and trading tips for EUR/USD and GBP/USD on March 22 (US session)

Euro and pound continued to rise after the UK reported another increase in its consumer price index. Economists had expected a slowdown in growth, but what happened was that prices

Jakub Novak 13:00 2023-03-22 UTC+2

Analysis and trading tips for GBP/USD on March 22

The pair tested 1.2246 at a time when the MACD line was just starting to move below zero, which was a good reason to sell. This led to a price

Jakub Novak 08:09 2023-03-22 UTC+2
Can't speak right now?
Ask your question in the chat.