Gold prices reached the record high area early last Thursday after the FOMC meeting, hitting $2,075 before correcting lower, with the decline accelerating after the release of the US Nonfarm Payroll (NFP) report. While XAU/USD initially broke out of a two-week range to the upside, it quickly pulled back, leaving a gloomy outlook and high volatility in its wake. With central bank meetings and jobs data in the rear-view mirror, eyes turn to US inflation. In this article, we’ll detail Gold Weekly Technical Forecast for Week 19, 2023.
XAU/USD Technical Outlook
The weekly chart shows a spike and then a pullback into the prevailing range, which is a warning of a potential deeper bearish correction, following the false breakout. However, XAU/USD still has strong support above $1,970. While above, losses seem limited, a break lower, on the contrary, could trigger stops and open the door to more losses, targeting initially the $1,950 zone and then $1,910.
On the upside, for daily trading, if Gold recovers levels above $2,020, it would alleviate the current bearish pressure. If it manages to consolidate above $2,050, it would be back on the road to $2,100.
Although the trend is up, the sharp retreat from $2,075 – if confirmed by a move to sub-$2,000 levels – could suggest that the next leg may be to the downside.
Gold sentiment poll
The Instaforex Nigeria Forecast Poll points to a mixed short-term outlook, with 70% of the experts seeing the gold price above $2,000. The one-quarter outlook remains bullish, but at this moment, the majority of experts do not see a sustainable run above $2,100.
Follow the 3 simple steps below to start trading and making great profits from the Forex market:
- Open a live account with Instaforex Nigeria.
- Deposit Funds Into your account with as little as $10.
- Download our Metatrader 4 and start trading.
You can also CONTACT US if you encounter any problems while opening your live account or depositing funds into your account.
Disclaimer: All investments and trading in the stock market involve risk and is a personal decision. This article from Instaforex Nigeria is only meant to create and increase awareness about Forex trading.