Chart shows viable long positions above the Pivot point at $1920, with the first target of the Key Resistance level at $1950 and then the test of Resistance zone at $1980 to $1990.To get more news about rockfort market, you can visit wikifx.com official website.
Alternatively, Short positions below the Pivot Point of $1920 to first test the Key Support level at $1870 and then with any further weakness target the Support Zone between $1835 to $1825.
XAU/USD pair chart that the prices took a sharp U-turn after touching the record high of $2070 as gold just missed the all-time high above $2075. Gold prices have declined by about 8% since touching the record high and now sitting just below the $1926, 50% Fibonacci level on the chart. A daily close above this level is needed to fuel any recovery in Gold. (Source: Tradingview)
The pair has now moved out from the upward parallel channel on the chart and slipped to form a new downward parallel channel as the prices dropped dramatically. Currently, prices are just below the middle resistance line of this new channel. If prices do not breach the upper resistance line of the channel, then more downside is possible.
A close look at the Price action on the chart shows that the gold prices are recovering, and the selloff has somewhat exhausted. A daily close above the $1926 level will confirm the recovery and gold can advance higher from here. The RSI Indicator shows that the prices are now dropped down to 50 points and the 50-day SMA red line is moving away from the 200-day SMA line that is close to the Support Zone.
Fundamental Overview: Gold price focus is on the FOMC interest rate decision tomorrow. Any change in the interest rate would increase volatility and would be priced in by traders well before the decision is made public. Moreover, the rising treasury yields are putting pressure on gold prices. The US 10 Year real yield has risen 45 basis points since the last week. The US dollar DXY index could move above 99 points and already trading around the recent record high.
The information provided is of a general nature and is not intended to be personalised financial advice. The information provided is not intended to be a substitute for professional advice. You may seek appropriate personalised financial advice from a qualified professional to suit your individual circumstances.
Trading in Rockfort Markets derivative products may not be suitable for everyone as derivative products may be considered as high risk. Please ensure that you understand the risks involved. A Product Disclosure Statement can be obtained here and should be considered before trading with us.
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