XAUUSD
it's essential to consider the symbiotic relationship between
XAUUSD
and
DXY
. The DXY has recently shown considerable strength, underpinned by robust U.S. economic indicators such as a 2.1% GDP growth rate, moderate inflation at 0.6% MoM, and a 5.5% interest rate, signaling a tightening monetary policy. This strength in DXY typically exerts downward pressure on gold prices. However, XAU/USD has defied this trend by forming a bullish structure around the $1900 support level, as per my previous forecast. After a minor retracement, which is a common feature of strong uptrends, I'm optimistic that XAU/USD is poised to hit my next targets around $1950 and $1960 in the near term. Given the bullish indicators in DXY and their potential impact on gold... Targets: 1936, 1940...
Possible Target ( 1960 )
Previous forecast:
Overall view:
"Stay disciplined and patient"
"Keep analysis simple and concise"
"Have a risk management strategy"
"Trade with a clear mind"
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