Our free forex signals service trade today is a buy order on the gold. The metal is looking for an upside after channel breakout.
The gold price changed little in the short term after registering a massive retreat last week. From the technical point of view, XAU/USD was in a corrective phase, developing a down channel that could be a potential bullish continuation.
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Still, we’ll have to wait for confirmation before taking action on this market. The metal is trading around $1,925 at the time of writing, and it seems determined to challenge the near-term resistance levels.
The XAU/USD dropped after the FOMC as the FED is expected to increase the Federal Funds Rate again in the next monetary policy meetings. Also, the traders expected diplomatic solutions to end the war.
Fed Chair Powell speaks
Later, Fed Chair Powell will speak about the economic outlook at the National Association for Business Economics Annual Economic Policy Conference. This event could bring some volatility and strong movements. The UK inflation data could shake the price of Gold on Wednesday.
From a technical point of view, the XAU/USD developed a flag pattern. An upside breakout and a new higher high could announce a new leg higher. However, the upside scenario could be invalidated by a new lower low.
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Free forex signals – Buy Gold at 1,941.94
Free forex signals entry price and take-profit
Instrument: GOLD
Order Type: BUY STOP
Entry price: 1,941.94
Stop Loss: 1,913.26
TP1: 2,028.30
My Risk: 1%
Risk / Reward Ratio: 1:3
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