empty
29.03.2023 06:34 PM
Gold sellers in control again

The price of gold rebounded in the short term but it seems that the buyers are exhausted already. The instrument is trading at 1,963 at the time of writing and it seems under some bearish pressure. Technically, the price action signaled a potential larger correction phase. Still, we need strong confirmation before taking action.

The yellow metal dropped a little in the short term after the US Pending Home Sales reported better-than-expected data earlier. USD's growth could push XAU/USD down in the short term. So, the greenback needs strong support from the US Final GDP and Unemployment Claims indicators tomorrow.

XAU/USD Rebound Seems Over!

This image is no longer relevant

As you already know from my analyses, the price of gold tried to rebound and recover after its strong drop. Now, it has found resistance at the weekly pivot point of 1,974.

It's trapped between the pivot point and the 1,959 level. Escaping from this minor range could bring us new opportunities.

XAU/USD Forecast!

A bearish closure below 1,959 activates a downside movement and brings new selling opportunities. A larger drop should be activated after taking out the weekly S1 (1,938).

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Recommendations and Analysis for GBP/USD on April 8: The Pound Continues to Fall

The GBP/USD currency pair continued its downward movement on Monday. Explaining this is extremely difficult, even in hindsight—especially since the euro experienced growth on the same

Paolo Greco 03:47 2025-04-08 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 8: The Storm Continues

The EUR/USD currency pair continued to swing wildly back and forth. Neither currency has shown clear growth, but it's important to understand that the markets are currently in chaos. Trying

Paolo Greco 03:47 2025-04-08 UTC+2

GBP/USD: Trading Plan for the U.S. Session on April 7th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.2891 and planned to base entry decisions on it. Let's look at the 5-minute chart and see what happened. A drop

Miroslaw Bawulski 19:02 2025-04-07 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 7th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.1017 and planned to base entry decisions on it. Let's look at the 5-minute chart and see what happened. A rise

Miroslaw Bawulski 18:59 2025-04-07 UTC+2

How to Trade the GBP/USD Pair on April 7? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair showed a sharp decline on Friday, which is extremely difficult to explain—even in hindsight. Yes, the British pound

Paolo Greco 06:57 2025-04-07 UTC+2

How to Trade the EUR/USD Pair on April 7? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD The EUR/USD currency pair remained in stormy conditions on Friday. This time, a downward movement prevailed—but that didn't make things any easier

Paolo Greco 06:57 2025-04-07 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 7: The Pound Collapsed Like a House of Cards

The GBP/USD currency pair fell by "only" 200 pips on Friday, which was hardly expected. Yes, the number of NonFarm Payrolls exceeded forecasts, and Jerome Powell once again reaffirmed

Paolo Greco 03:23 2025-04-07 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 7: Nothing Is Improving for the Dollar

The EUR/USD currency pair began a sharp pullback on Friday after a strong rally on Wednesday evening and Thursday. There are different ways to interpret this decline, but we want

Paolo Greco 03:23 2025-04-07 UTC+2

GBP/USD: Trading Plan for the U.S. Session on April 4th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.2976 and planned to base market entry decisions around it. Let's look at the 5-minute chart to see what happened

Miroslaw Bawulski 19:55 2025-04-04 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 4th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.0994 level and planned to base my market entry decisions on it. Let's look at the 5-minute chart and break down what happened

Miroslaw Bawulski 19:52 2025-04-04 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.