XAUUSD (1/12/2023) Trade Analysis
Updated
The gold is in a uptrend and the same is expected to continue after a retracement during the news that is being released in the US session.
News being released
1) ISM Manufacturing PMI to be released at 10.00 am US time zone
2) Fed Chair man Powell speaks today at 11.00 am US time zone
Keep an eye on the news and trade safely
Analysis:
The gold is in a consolidation range for the past 3 days , consolidating between 2050 to 2030 after a major push was done to the upside on Tuesday.
With 2050 as Resistance and 2030 as support gold is expected break out on either one side for continuation of Uptrend or reversal to Downtrend
During the asian session the price formed a bullish flag in the 1hr chart and the price went from 2037 to 2048 and hit the resistance level and went straight back to 2037 and is expected to go down more before going up , the price is expected to go down to the previous support of 2025-2020.
Note
As said the price went from 2034 to 2050 and broke above the resistance and is now on the way to reach 2070Note
Once it reaches 2070 price might pullback to the now support turned resistance 2050Trade closed: target reached
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