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Gold Is at Seven-Month Peaks

Published 09/01/2023, 13:25
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Gold prices rose to the highs of the last seven months, balancing above 1882.00 USD per Troy ounce. The demand for gold flourished after the USD got weak, and the demand for safe-haven assets increased.
 
Fundamentally, gold is supported by the market hope for a slow-down in the growth of the US interest rate. The market is still confident that the Fed will soon be softening its policy. The minutes of the latest meeting somewhat cooled down these moods but not completely.
 
On H4, XAU/USD has formed a consolidation range around 1832.25. Today the market has extended it upwards to 1865.00 and tested 1832.25 from above. At the moment, the market is pushing gold quotes to 1888.50. After this level is reached, a link of correction to 1831.25 is not excluded, followed by growth to 1901.00. Technically, this scenario is confirmed by the MACD: its signal line is above zero, heading strictly upwards.

XAU/USD forecast
 
On H1, XAU/USD has completed a structure of an impulse of growth to 1864.69. A consolidation range has formed around it today. With an escape upwards, a pathway to 1888.50 will open. After it is reached, a link of correction to 1864.70 should start. Technically, this scenario is confirmed by the Stochastic oscillator: its signal line is above 80, and after it is reached, a decline to 20 is expected.
 
XAU/USD forecast
 
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.

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