Free Forex Signals and Forecast: Buy Gold – 24 Jan 2022
Forex Trading Signals

 Free Forex Signals and Forecast: Buy Gold – 24 Jan 2022

Our free forex signals service trade today is a buy order on XAU/USD.

The price of gold dropped in the short term but the upside pressure remains high. The yellow metal slipped lower as the Dollar Index has managed to resume its upwards movement. XAU/USD could register sharp movements later around the US economic data publication.

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In the short term, Gold moves somehow sideways above strong downside obstacle. XAU/USD could test and retest the immediate support levels trying to accumulate more bullish energy before developing a new leg higher.

On Friday, the US CB Leading Index registered a 0.8% growth matching expectations, helping the USD to resume its appreciation. When the US Dollar grows, XAU/USD could drop.

US Flash Manufacturing PMI and Flash Services PMI In Focus

Later, the US data could be decisive and could bring high volatility on the price of gold as well. The Flash Services PMI is expected to drop from 57.6 to 54.9 points, while the Flash Manufacturing PMI may drop from 57.7 to 56.9 points.

Technically, as long as it stays above the ascending pitchfork’s lower median line (lml) and above 1,834 – 1,831, XAU/USD could climb towards fresh new highs. 

Free forex signals – BUY GOLD at 1,844.89

free forex signals

Free forex signals entry price and takes profit

Instrument: GOLD (XAU/USD)

Order Type: BUY STOP

Entry price: 1,844.89

Stop Loss: 1,824.87

TP1: 1,878.93

My Risk: 1%

Risk / Reward Ratio: 1:1.7

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.