Poland’s Strong Consumption and Investment Point to Robust Growth with Mild Inflation Outlook
Ukraine Peace Deal Hopes Weigh on EUR Inflation Swaps as Real Rates Hit New Highs
Germany’s Economy: Three Years of Stagnation With Only Limited Signs of Recovery
Commodities Move on Geopolitics and Weather as Oil Rises, Gas Falls, and Nickel Faces Supply Risks
USD Overvaluation Persists as Geopolitics Dominate and JPY Faces Intervention Risks
The price of Gold is trading at 1,819 at the time of writing. The bias is bullish in the short term as the DXY is still in the corrective phase. As you already know from my previous analysis, XAU/USD reached a resistance zone, so we need confirmation.
The yellow metal continues to stay higher, even though the Canadian CPI reported a 0.1% growth versus the 0.0% growth expected, while the US CB Consumer Confidence came in at 108.3 versus 101.0 expected.
Today, the US data could have an impact. The Final GDP is expected to report a 2.9% growth, while Unemployment Claims could jump from 211K to 221K in the last week.
XAU/USD continues to challenge the R1 (1,820) after jumping and closing above the 150% Fibonacci line. The rate failed to come back to test and retest the 1,808 static support and now it tries to resume its growth.
As you already know from my previous analysis, the 1,824 high represents an upside obstacle as well. The bias remains bullish as long as it stays above 1,807 and above the uptrend line.
A new higher high, valid breakout through 1,824 activates further growth. This is seen as a new buying setup. Also, coming back to test and retest 1,807 and the uptrend line could bring new long opportunities.
Relevance up to 06:00 2022-12-23 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
