Gold Price Forecast: XAU/USD bulls piled in, smashing offers out of the park to $1.935 Gold Technical Analysis Commodities DollarIndex
, DXY, has subsequently been unable to pick itself up from the floor, an area on the charts that was highlighted as a downside target as follows: . A correction of the bid could be expected to meet the 102.00/20s in the coming sessions as the price reverts to the neckline of the pattern in a 38.2% Fibonacci correction.''Meanwhile, there are a number of themes in play following yet more disinflationary economic data on Thursday that has shown that the US economy is losing momentum.
Nevertheless, Gold price has shown resilience in the face of such hawkishness and has found fresh bids on any pullback taking directional input from the softness in the US Dollar.A move into the 38.2% Fibonacci could be in order for the Asian session. this meets the prior resistance for mid-January near 41,929. Below there, there will be a risk to the trendline support should the greenback get over 102.20 and stay bid into Friday.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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