Thu, Mar 23, 2023 @ 11:58 GMT
HomeContributorsTechnical AnalysisSpot Gold Open Green But Upside Cut Sharp

Spot Gold Open Green But Upside Cut Sharp

‘Earlier in the day, the statistics bureau reported an expansion in the country’s February trade surplus to more than double the previous month’s as exports of gold and minerals rebounded, while imports dropped.’ – Nichola Saminather (Based on Bloomberg)

Pair’s Outlook

Despite the early reading, Gold managed to show a solid 392 green pips on the daily chart, suggesting that bullish momentum prevails, but the resistance cluster at 1,256.77/1,257.69 is most likely to limit upside potential due to the multiple tests that have failed at the area before. We will look for the pair to remain squeezed in between the aforementioned resistance and the 1,249.67/1,248.96 zone. In general it looks like XAU/USD is in the process of establishing a trading range with decent support at 1,242.20.

Traders’ Sentiment

SWFX traders are neutral on the metal, as 50% of open positions are long. However, 63% of trader set up orders are to buy the yellow metal.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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