empty
 
 
07.06.2023 05:27 PM
Gold: upside invalidated post-BOC

The price of gold crashed in the last hours and now is trading at 1,956 at the time of writing far below today's high of 1,970. Technically, the price action signaled that the upside movement could be over and that the sellers could take the lead again. DXY's rally forced XAU/USD to come back down. USD's further appreciation should bring more sellers of the yellow metal.

Fundamentally, XAU/USD registered sharp movements in both directions around the BOC. I told you yesterday that the BOC Rate Statement represents a high-impact event. Surprisingly, the BOC increased the Overnight Rate from 4.50% to 4.75%. Also, XAU/USD took a hit from the US Trade Balance and Canadian Trade Balance. The economic indicators came in better than expected.

XAU/USD 1,954 As Support!

This image is no longer relevant

Technically, XAU/USD registered a false breakout through the median line (ml) and above 1,966 confirming exhausted buyers and invalidating an upside continuation. You knew from my yesterday's analysis that only a valid breakout above these obstacles may announce a larger growth.

Now, it could challenge the weekly pivot point of 1,954. This represents static support. False breakdowns and failing to make a new lower low could announce a potential rebound.

XAU/USD Outlook!

A valid breakdown below the pivot point (1,954) is seen as a bearish signal. The lower median line (lml) represents a potential downside target.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Abril, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback