Gold Price Approaching an Important Set of Levels – DailyFX

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.

Spot gold (XAU/USD) has been on its best run in quite some time, bringing into play the possibility of hitting an important area of resistance. There is confluence between the 200-day MA and the August high at 1807.75.

Related posts

Photographs of the Iraq War 20 years later : The Picture Show – NPR

March 21, 2023

Fox News Politics: Mayor Lori Lightfoot's fate – Fox News

March 21, 2023

This would be a good spot to look for a reaction out of gold and for a pullback to develop at the least, if not more. Just looking at the pullback scenario a decline down towards the 1730 area where support from September and October lie could be in the works soon.

Whether that support holds on a pullback is of course yet to be seen, but could be perhaps a good spot for dip-buyers to look to establish positions. If price does run into resistance, from a tactical standpoint, those already long may look at tightening up risk, and for would-be shorts it could offer a good spot to fade the rally.

Looking at the big picture, if the dollar-on, risk-off theme comes back into play again, a scenario I see as likely to happen, then it is hard to imagine gold being capable of continuing to truck higher. But if we don’t see the dollar-on/risk-off theme resume then gold is in good shape.

And it is possible as the macro landscape evolves we see gold start to operate a little more freely from the dollar-on/risk-off theme and buck the trend. Time will tell, but for now sticking to the near-term scenarios outlined above and see how things shake out before drawing any further conclusions.

Gold (XAU/USD) Price Daily Chart

Gold Chart by TradingView

Resources for Forex Traders
Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
DISCLOSURES
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.

FX PUBLICATIONS IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS.

FX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400). Registered Address: 19 North Sangamon Street, Chicago, IL 60607. FX Publications Inc is a subsidiary of IG US Holdings, Inc (a company registered in Delaware under number 4456365)

source