Our free forex signals service trade today is a buy order on the XAU/USD pair.
The price of gold is moving sideways in the short term trying to accumulate more bullish energy before jumping higher. In the short term, it has taken out strong upside obstacles signaling potential further growth. Still, as long as XAU/USD is trapped between 1793 and 1772, it could extend its range pattern.
Gold rallied right after the US inflation data publication. Higher inflation helped the yellow metal to escape from a down channel pattern. XAU/USD changed little in the last hours, maybe the traders are waiting for the US economic data before pushing the rate up or down.
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US PPI 0.5% Growth Expected
The US is to release its PPI indicator later which is expected to report a 0.5% growth in November versus 0.6% in October. In addition, the Core PPI may register a 0.4% growth. It remains to see what will really happen as the fundamentals will drive the price. Tomorrow, the FOMC, US retail sales, UK CPI, and the Canadian inflation data could be decisive. The volatility will be high around these high-impact figures.
Technically, as long as it stays within the ascending pitchfork’s lower median line (lml), XAU/USD could jump towards new highs. A valid breakout above the 1794.70 could activate an upside continuation.
Free forex signals – BUY GOLD at 1787.77
Free forex signals entry price and takes profit
Instrument: Gold
Order Type: BUY STOP
Entry price: 1797.77
Stop Loss: 1779.18
TP1: 1840.59
My Risk: 1%
Risk / Reward Ratio: 1:2.3
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