empty
 
 
it
Supporto
Apertura rapida di un conto
Piattaforma di trading
Ricaricare / Prelevare

25.07.202212:14 Forex Analysis & Reviews: Gold: further growth still possible

The price of gold was trading in the green at the 1,730 level at the time of writing and it seems determined to approach and reach new highs as the USD remains sluggish in the short term. DXY's deeper drop helps XAU/USD to jump higher.

Technically, the Dollar Index is in a corrective phase ahead of the FOMC. The Federal Reserve is expected to increase the Federal Funds Rate from 1.75% to 2.50% on Wednesday. Also, the US CB Consumer Confidence index could have a big impact on XAU/USD tomorrow. The indicator could drop from 98.7 points to 96.8 points, this could be bad for the USD and could boost the yellow metal.

XAU/USD Temporary Drop?

Exchange Rates 25.07.2022 analysis

Still, the DXY's drop could be only a temporary one, it could try to develop a new leg higher after the FOMC. As you can see on the H1 chart, the rate escaped from a down-channel pattern signaling that the downside movement ended and that the rate could develop a bullish reversal.

It has retested the broken downtrend line and now it has stabilized above the 1,723 resistance. Closing above 1,728 may signal further growth at least towards the 1,739 immediate high.

XAU/USD Forecast!

An upside continuation could be activated by a valid breakout above 1,739. Taking out this resistance could bring new buying opportunities with potential targets at R1 (1,751) and R2 (1,774) levels.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2026
Approfittati subito dei consigli degli analisti
Deposita i fondi sul conto di trading
Apri un conto di trading

Le recensioni analitiche di InstaSpot ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaSpot, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.

In questo momento non potete parlare al telefono?
Ponete la vostra domanda nella chat.