2023-01-07 18:08

Global gold Analysis (XAUUSD)

Technical, fundamental, and sentimental analysis of global gold (XAUUAD) in Forex 
تحلیل طلا جهانی (XAUUSD) تحلیل طلا جهانی (XAUUSD)

A review of gold movements

Global gold usually moves upward at the end of the year due to high physical demand. This year, the gold bar closed its weekly candlestick positively in 2022's last week, and in the early days of 2023, the price of gold increased from 1823 to 1865.

Further, we will review gold's technical, fundamental, and sentiment aspects.

Gold Technical analysis 

When reviewing the daily chart of gold, we can see that gold is getting close to the important resistance zone from 1865 to 1777. And by approaching this zone, it has encountered a relative price rejection. On the other hand, gold has to break this daily resistance to continue its upward trend.

However, gold seems to have a difficult path ahead in the daily time frame to climb further, and the climb's weakness can be seen in the RSI and MACD indicators.

Also, gold has entered a so-called corner, and the failure of the corner from any side can determine gold's path. If this corner breaks from the bottom, it can provide a good trading opportunity to sell for traders.

By reviewing the gold chart in the four-hour time frame, an ascending channel can be seen. The ceiling of the channel and its interference with the daily time resistance zone has made gold's ascent path difficult. Gold's main support is in the 1830 to 1725 zone.

Gold fundamental analysis

Significant job opportunities and PMI data were published on Wednesday. The job opportunity situation was released better than expected and caused the dollar to strengthen and the gold to decline momentarily. On the other hand, the weak PMI data caused gold to reverse its decline after analysts reviewed the news.

Meanwhile, the Federal Reserve meeting's statement ended the expectations for the interest rate reduction, and the return rate stabilized, which caused the price of gold to decrease.

However, on Friday, important NFP data will be released, which will be better than expected because it is within the framework of the Federal Reserve's decisions, which will strengthen the dollar, and assets such as gold will fall.

Gold sentiment analysis

Considering the technical analysis and approaching the resistance zone, as well as the fundamental space published in the dollar's favor and to gold's disadvantage, it seems that the rise of gold is not sustainable and will cause price adjustment. Therefore, according to your strategy, you can look for sell positions with capital management.

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