Gold Price Analysis: Market is waiting to test 1830 again.
Gold has been making a solid comeback in the past week, and today it reached above $1800 for the first time since the first week of September.
This bit long-awaited move finally came after weeks of impressive gains made following Wednesday's upsurge, which saw gold preserved its bullish momentum. That is an important milestone that XAU/USD has reached above the $1800 price zone.
The reason behind such good fortunes? Falling U.S. Treasury bond yields seem to be fueling these advances with their recent poor performance weighing heavily upon USD prices.
N.F.P. came super negative, Market sentiment helping the gold price to up as well. Though yesterday C.P.I. printed positive today, PPI fades away. Last week before N.F.P., most U.S. economic reports came positive, but the USD outperformed against the gold.
The dollar Index falls below 93.80, nearly ten days lows; as a result, investors are seeking haven assets like Precious Metals. So, recent fundamental and market sentiment is helping the gold price to rise.
Technical View:
In one of my previous articles, I mentioned that breaking above 1865 may open the door for the 1830/1835 price zone. It seems that the gold market is heading to the 1830/1835 price zone.
From the present price zone, immediate resistance is showing at the 1807/1810 price zone. But keep in mind, every round figure play as a support and resistance. SO, 1800 price may play as minor resistance.
So, breaking above 1800, next target 1807/1810 price zone. After 1810 gold price may be headed to the 1830/1835 price zone. 1830/1835 price zone is a strong resistance zone and profit-taking zone. So, we may see a significant correction from the 1830/1835 price zone.
On the other hand, the gold price rose nearly 450+ pips since yesterday. So, it may be correct to lower if we see Retail Sales and Core retails print positive tomorrow. But I think it has less chance. But usually, it is showing overbought in R.S.I. SO, it may be correct too.
As long as gold's price holds above 1780, an uptrend channel's support. We should not go for short. Instead, gold may go up again after testing the 1780/1785 price zone. In case if we see gold price breaks below rising trendline support. We will go for short, and the next target should be the 1750 price zone. And finally, breaking below 1750, the last target to the downside is the 1720/1725 price zone.
This bit long-awaited move finally came after weeks of impressive gains made following Wednesday's upsurge, which saw gold preserved its bullish momentum. That is an important milestone that XAU/USD has reached above the $1800 price zone.
The reason behind such good fortunes? Falling U.S. Treasury bond yields seem to be fueling these advances with their recent poor performance weighing heavily upon USD prices.
N.F.P. came super negative, Market sentiment helping the gold price to up as well. Though yesterday C.P.I. printed positive today, PPI fades away. Last week before N.F.P., most U.S. economic reports came positive, but the USD outperformed against the gold.
The dollar Index falls below 93.80, nearly ten days lows; as a result, investors are seeking haven assets like Precious Metals. So, recent fundamental and market sentiment is helping the gold price to rise.
Technical View:
In one of my previous articles, I mentioned that breaking above 1865 may open the door for the 1830/1835 price zone. It seems that the gold market is heading to the 1830/1835 price zone.
From the present price zone, immediate resistance is showing at the 1807/1810 price zone. But keep in mind, every round figure play as a support and resistance. SO, 1800 price may play as minor resistance.
So, breaking above 1800, next target 1807/1810 price zone. After 1810 gold price may be headed to the 1830/1835 price zone. 1830/1835 price zone is a strong resistance zone and profit-taking zone. So, we may see a significant correction from the 1830/1835 price zone.
On the other hand, the gold price rose nearly 450+ pips since yesterday. So, it may be correct to lower if we see Retail Sales and Core retails print positive tomorrow. But I think it has less chance. But usually, it is showing overbought in R.S.I. SO, it may be correct too.
As long as gold's price holds above 1780, an uptrend channel's support. We should not go for short. Instead, gold may go up again after testing the 1780/1785 price zone. In case if we see gold price breaks below rising trendline support. We will go for short, and the next target should be the 1750 price zone. And finally, breaking below 1750, the last target to the downside is the 1720/1725 price zone.
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Gold chart and analysis updated. Check it out....
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We have updated our gold chart and analysis ahead of CPI (Inflation Report)
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