Despite the current correction decline, the XAU/USD pair retains the potential for further growth against the background of rising inflation, the Fed's inaction and the prospect of further weakening of the dollar (see also "Fundamental Analysis and Recommendations") In this case, the targets will be 1963.00, 1976.00 (local highs), 2000.00.
In an alternative scenario, XAU / USD will strengthen the downward trend, and the downward correction observed today for the second day in a row may continue inside the ascending channel on the daily chart, the lower border of which passes through the support level of 1844.00. A breakdown of the important support level of 1857.00
will confirm the scenario for a decline with targets at support levels 1844.00, 1812.00, 1685.00, 1580.00, 1560.00 (the Fibonacci level is 50%).
Support levels: 1857.00, 1844.00, 1822.00, 1812.00, 1700.00, 1685.00, 1645.00, 1580.00, 1560.00
Resistance levels: 1870.00, 1887.00, 1916.00, 1963.00, 1976.00, 2000.00, 2010.00
Trading Recommendations
Sell Stop 1849.00. Stop-Loss 1871.00. Take-Profit 1844.00, 1822.00, 1812.00, 1700.00, 1685.00, 1645.00, 1580.00, 1560.00
Buy Stop 1871.00. Stop-Loss 1849.00. Take-Profit 1887.00, 1916.00, 1963.00, 1976.00, 2000.00, 2010.00
*) Gold: Current Fundamental Analysis and Market Expectations
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