XAUUSD H4 Outlook after USA News!

1 באוק׳ 2023

The price of gold experienced a significant oscillation, reaching $1,880 and then dropping to $1,860 after an initial rebound. The Relative Strength Index (RSI) indicates excessive sales, suggesting the need for consolidation before any further declines. Factors such as the potential real estate crisis in China and the risk of a partial US government shutdown favor gold as a safe haven. However, expectations of a restrictive monetary policy by the Federal Reserve limit optimism. The price of gold may continue to decline, with $1,880 representing a strong resistance and a crucial support level at $1,857-$1,858. Despite solid economic data from the United States, political uncertainty suggests caution. Focus on inflation and divisions in the US Congress add uncertainty to the gold market, keeping traders waiting for the Personal Consumption Expenditures (PCE) Price Index data to guide future trading decisions. Additionally, the price is in the 1848 area, which, after breaking a swing low at the 1860 level, appears to be an excellent point to look for possible bullish reversals, although the price could further drop to the 1820 level, where we have an H4 demand zone. In the case of an upward movement, the price could rise to the physiological target of 1900. Let me know what you think, leave a like and comment to support our work. Greetings and have a good evening from Nicola, the CEO of Forex48 Trading Academy.