XAU/USD Technical Analysis

The daily chart below shows how the price of gold has risen since the November US CPI report. Markets began to expect a more volatile Fed and an earlier break in the tightening cycle. Of course, the market after that started to see cuts later in 2023. The price of gold correlates with the real yield because treasuries „compete” with gold as a risk-free asset, but gold has no yield and buyers can only profit from that. price increases. So if the real yield is expected to rise, you will see the price of gold fall and vice versa. The revaluation seen in market expectations from the NFP report caused real yields to rise and gold prices to fall. If this continues, gold will continue to weaken. Next week’s US CPI report will be the key to the next step. XAU / USD On the -hour chart below, we see that after selling the NFP report, the price retreated slightly to the 38.2% Fibonacci level, but did not touch it. Given the divergence between the recent decline and the MACD, this could be false and we see another decline to the 38.2% level. This could also be supported by the fact that the market is waiting for the US CPI report next week and sellers are taking risks if the data does not meet expectations. XAUUSD In the 1-hour chart below, we can see more clearly how the NFP data triggered gold selling. From a risk management perspective, sellers would be better off waiting for price to return to the 1902 highs and the 38.2% Fibonacci level before taking short positions, as US CPI data could shape price. move quickly from both sides. XAUUSD

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany.