EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Forex News

Gold Price Remains on the Back Foot Below $1,940

Admin by Admin
January 26, 2023
in Forex News
0
Gold price
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter
MMC MMC

Gold price is struggling to find its feet below $1,940 in the European session. Gold traders turn cautious ahead of the critical US GDP release, which could have a significant impact on the market sentiment, as well as, the US Dollar valuations. 

Having tested the upper boundary of a rising wedge pattern on multiple instances this week, Gold price finally broke above the latter on a daily closing basis on Wednesday. That upside hurdle is now aligned at $1,945.

The natural tendency of the rising wedge is usually to yield a downside break. Therefore, Gold buyers remain skeptical, especially awaiting the first estimate of the United States Gross Domestic Product (GDP) release.

Should the key US economic data disappoint, implying signs of slowing down in the American economy, the US Dollar could stage a solid recovery across the board. As a result, Gold price could extend its corrective downside to test the wedge support at $1,937.

Related– Gold Price Looks to Recapture $1,900

Further south, Gold sellers are expected to challenge the previous day’s low at $1,920, below which a test of the $1,900 mark will be inevitable.

Gold sellers, however, need a daily closing below the lower boundary of the rising wedge formation, now at $1,933, to confirm a downside break.

The 14-day Relative Strength Index (RSI) is back in the overbought territory, which could provide extra legs to the Gold price correction.

However, if the United States’ growth figures dismiss recession fears, which could fuel a risk rally on global markets and down the demand for the safe-haven US Dollar. In such a scenario, Gold price could see a fresh rally above the $1,950 psychological level.

The next upside target for Gold bulls is envisioned around April 20 2022 highs near $1,958. A sustained move above the latter will bring the last April high of $1,998 back into the picture.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Source: FxStreet
Tags: ForexGold price
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

Tesla Q4 Report: DOGE Accepted for Payment, Bitcoin Holding Intact

Next Post

Mango Files A Lawsuit Against Its Trader For Alleged $114m Token Manipulation

Admin

Admin

Next Post
Mango Files A Lawsuit Against Its Trader For Alleged $114m Token Manipulation

Mango Files A Lawsuit Against Its Trader For Alleged $114m Token Manipulation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
Mayowa Owolabi on battles traders need to fight

Battle Every Trader Must Fight (Part 1)- Mayowa Owolabi

August 31, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
EUR/USD pair

EUR/USD Recovers from 20-year Lows

2
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0

Defi (Decentralized Finance)

0
Celsius Sets End Of April As New Deadline For Proof Of Claim

Celsius Sets End Of April As New Deadline For Proof Of Claim

March 27, 2023
XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

March 27, 2023
Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

March 27, 2023
Bitcoin To $1 Million: Ex-Coinbase CTO Assures Off Bet

Bitcoin To $1 Million: Ex-Coinbase CTO Assures Off Bet

March 27, 2023

Recent News

Celsius Sets End Of April As New Deadline For Proof Of Claim

Celsius Sets End Of April As New Deadline For Proof Of Claim

March 27, 2023
XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

March 27, 2023
Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

March 27, 2023
Bitcoin To $1 Million: Ex-Coinbase CTO Assures Off Bet

Bitcoin To $1 Million: Ex-Coinbase CTO Assures Off Bet

March 27, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Review
  • Reviews
  • Stocks
  • Uncategorized

Recent News

Celsius Sets End Of April As New Deadline For Proof Of Claim

Celsius Sets End Of April As New Deadline For Proof Of Claim

March 27, 2023
XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

March 27, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>