GOLD → Buyers are serious about retesting ATH

30 Jan

XAUUSD on the background of yesterday's news played both ways. The dollar could not win from this situation, which as a whole favorably affects the price of metal. ATH as a target is still relevant.



All attention is focused on the US GDP data for Q4. Slowdown in economic growth may increase interest in gold as a protective asset, especially against the background of possible trade tariffs of Trump and ambiguous reports of techno-giants. The Fed kept the rate, but tightened the rhetoric, which temporarily weakened gold, but the weak dollar and understanding of economic risks helped the metal to partially recover.
Technically, the rebound from the support of the ascending channel is forming, the price is passing resistance levels on its way.

Resistance levels: 2784, 2790
Support levels: 2771, 2766

Technically, from these support zones we should continue to wait for the growth towards 2790. But, based on the manner of price approach to the historical maximum, there is a probability of a small correction from 2790, after which the market will show either readiness to go even higher, or to form a deeper correction.

Regards R. Linda!

30 Jan

Trade aktif

Gold reaches ATH and updates the high
Theoretically, a small impulse and a return under the 2790 level could form a false breakout and correction