XAUUSD: Bears still have the upper hand!
Hello friends!
XAUUSD is forming a sideways range during the recovery phase with a corrective bias, receiving support from the $2290 level. It is currently trading around $2,325, marking a 0.43% gain on the day.
Regarding impact news: The US Dollar (USD) encountered new supply and fluctuated near its lowest level in more than a week. This, coupled with a slight decline in global risk sentiment, creates some support for the safe-haven precious metal.
Regarding the outlook: EMA 34.89 is gradually converging, creating conditions to resolutely push this shelter commodity ready to increase in price. Ahead, let's look at the correction from all-time highs that's on track , which often determines our medium-term outlook.
I expect the price to retest the 2275 level built close to the border of the price channel formed with a bounce. A break above this level could test the local high of $2400 before falling further. But it would be more reasonable if the price dropped from the trend line.
Final! Good luck with your trading.
XAUUSD is forming a sideways range during the recovery phase with a corrective bias, receiving support from the $2290 level. It is currently trading around $2,325, marking a 0.43% gain on the day.
Regarding impact news: The US Dollar (USD) encountered new supply and fluctuated near its lowest level in more than a week. This, coupled with a slight decline in global risk sentiment, creates some support for the safe-haven precious metal.
Regarding the outlook: EMA 34.89 is gradually converging, creating conditions to resolutely push this shelter commodity ready to increase in price. Ahead, let's look at the correction from all-time highs that's on track , which often determines our medium-term outlook.
I expect the price to retest the 2275 level built close to the border of the price channel formed with a bounce. A break above this level could test the local high of $2400 before falling further. But it would be more reasonable if the price dropped from the trend line.
Final! Good luck with your trading.
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