Our free forex signals service today is a buy order on gold.
The price of gold dropped a little in the short term, but the decline could be only a temporary one. It has retested the immediate support level and now it tries to come back higher. XAU/USD is traded at the 1,819.76 level at the time of writing above 1,815.49 today’s low.
In the short term, the yellow metal rallied as the Dollar Index was in a corrective phase. Gold remains attractive for buyers as the risk is high amidst the tensions between Russia and Ukraine.
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Surprisingly or not, the yellow metal rallied even if the US Non-Farm Employment Change came in better than expected.
Technically, XAU/USD signaled that the downside is limited and that the upside pressure is strong. In the short term, the bias is bullish, that’s why I’m still looking for fresh long opportunities.
US Trade Balance -83.0B Expected
Fundamentally, the price of gold could resume its upwards movement if the US data disappoints these days. Today, the US Trade Balance is expected at -83.0B below -80.2B. Canada is to release its Trade Balance as well, but I don’t think it will have an impact. XAU/USD could register sharp movements around the US inflation data on thursday.
From the technical point of view, XAU/USD could still resume its upwards movement as long as it stays above the inside sliding line (sl). Still, only stabilizing above the weekly R1 (1,820.21) may really indicate an upside continuation.
Free forex signals – BUY Gold at 1,825.18
Free forex signals entry price and takes profit
Instrument: Gold
Order Type: BUY STOP
Entry price: 1,825.18
Stop Loss: 1,812.30
TP1: 1,849.61
My Risk: 1%
Risk / Reward Ratio: 1:1.9
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