Analysis Of The XAU/USD Pair: Gold Continues To Depreciate

By RoboForex Analytical Department

Gold continues to lose ground. The monetary authorities of the world's most developed countries have shown no intention of easing the parameters of their current monetary policies – interest rates remain high, and central bank balances are decreasing. Gold and other precious metals are under pressure. The negative news background is causing them to depreciate, but this is unlikely to be a long-term trend.

Technical Analysis Of The XAU/USD Pair

On the D1 timeframe for the XAU/USD currency pair, the resistance level has shifted to 1929.14, and support has yet to be formed. A significant historical level – 1886.20 – has been breached. It is likely that support will form near the 1870 mark, either at the beginning of next week or possibly today.

On the H1 timeframe, there is evidence of a slowdown in the downward trend. Speculative purchases can be considered as part of the corrective movement at the 1874.50 level, with a target set at 1887. A rise to the 1903.96 mark is also possible, followed by a continuation of the downward trend.

Disclaimer

Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.