empty
17.11.2023 06:16 PM
Gold: leg higher paused, more declines below 1,978

The price of gold crashed after reaching the 1,993 high today. Now, it's trading at 1,982 at the time of writing and it seems heavy. Still, a deeper drop is far from being confirmed. The bias remains bullish as the Dollar Index is bearish.

Fundamentally, the US reported positive data today. The Housing Starts came in at 1.37M versus 1.35M expected, while Building Permits jumped from 1.47M to 1.49M even if the traders expected a potential drop to 1.45M.

XAU/USD Rising Wedge!

This image is no longer relevant

Technically, XAU/USD failed to stay above the historical level of 1,988 and now it has turned to the downside. Its failure to retest the Rising Wedge's resistance announced exhausted buyers.

Now, it has reached 1,978 static support. As long as it stays above this downside obstacle and above the uptrend line, the yellow metal could resume its growth.

XAU/USD Forecast!

Testing and retesting 1,978 and the uptrend line, registering false breakdowns may announce a new bullish momentum. Jumping above 1,988 may announce further growth.

Dropping and closing below 1,978 activates more declines and is seen as a selling opportunity as the rate could drop also below the uptrend line.

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

USD/JPY: Simple Trading Tips for Beginner Traders – May 28th (U.S. Session)

Trade Breakdown and Advice on Trading the Japanese Yen The first test of the 144.14 price level occurred when the MACD had already moved well below the zero mark, which

Jakub Novak 18:39 2025-05-28 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders – May 28th (U.S. Session)

Trade Analysis and Tips for the British Pound The test of the 1.3488 level in the first half of the day occurred just as the MACD indicator began moving upward

Jakub Novak 18:37 2025-05-28 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders – May 28th (U.S. Session)

Trade Analysis and Tips for the Euro The first test of the 1.1327 level occurred when the MACD indicator had already moved significantly above the zero mark, which limited

Jakub Novak 18:34 2025-05-28 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 28. Review of Yesterday's Forex Trades

The price test at 144.35 occurred when the MACD indicator began rising from the zero line, confirming a valid entry point for buying the dollar. However, considering that the pair

Jakub Novak 09:04 2025-05-28 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 28. Review of Yesterday's Forex Trades

The price test at 1.3532 in the second half of the day occurred when the MACD indicator had already moved significantly below the zero mark, which limited the pair's downside

Jakub Novak 09:04 2025-05-28 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 28. Review of Yesterday's Forex Trades

The price test at 1.1359 in the second half of the day coincided with the MACD indicator just beginning to move upward from the zero line, confirming a correct entry

Jakub Novak 09:04 2025-05-28 UTC+2

Intraday Strategies for Beginner Traders on May 28

The euro, the pound, and other risk assets, including the Japanese yen, continued to decline sharply against the U.S. dollar. Strong May data on U.S. consumer confidence were the main

Miroslaw Bawulski 08:00 2025-05-28 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 27th (U.S. Session)

Trade Analysis and Recommendations for the Japanese Yen The test of the 143.29 level occurred when the MACD indicator had already moved well above the zero line, which limited

Jakub Novak 20:22 2025-05-27 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 27th (U.S. Session)

Trade Analysis and Recommendations for the British Pound The test of the 1.3543 level in the first half of the day occurred when the MACD indicator had already moved well

Jakub Novak 20:19 2025-05-27 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 27th (U.S. Session)

Trade Analysis and Recommendations for the Euro The price test of 1.1366 occurred just as the MACD indicator was beginning to move downward from the zero mark, confirming a valid

Jakub Novak 20:16 2025-05-27 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.