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101.818

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1932.61

0.24%

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XAUUSD: Breaking 1900 Successfully, But Wary of Retracement Risks in Short Term

Commodity
Summary:

The dollar index fell to a new low of more than seven months, helping the gold price rise to a high of nearly eight months. As the "spring" is stretched too long, chasing a bullish trend is easy to "hurt".

Sell XAUUSD
End Time
CLOSED

1915.00

ENTRY PRICE

1850.00

TGT PRICE

1945.00

SL PRICE

1932.59 +4.62 +0.23%

1595

Points

Loss

1850.00

TGT PRICE

1930.95

CLOSING

1915.00

ENTRY PRICE

1945.00

SL PRICE

Fundamentals

Spot gold oscillated slightly lower during the Asian session on Friday (Jan. 13) and is currently trading near $1,906/oz. Data overnight showed a slowdown in U.S. inflation growth, and the market raised expectations that the Fed would reduce the rate hike. The dollar index fell to a new low of more than seven months, helping gold prices rise to a high of nearly eight months. But the current 1,900 integer mark is still forming pressure on the gold price, and the Fed officials stressed the anti-inflation determination and said may maintain higher interest rate levels for a longer period. Investors need to be wary of the risk of a retracement in the gold price in the short term.

Technical Analysis

In the daily chart, the SMAs are nearing a bullish alignment. The MACD has formed a golden cross and the bulls are in the ascendancy. If the price can stabilize at the 1900 integer mark, it is expected to further up to test the resistance near the 1920 mark, the high point of April 29; the resistance is relatively strong, and a further break in the short term has some difficulty, at which time the gold price may usher in a movement of oscillation at highs. In addition, there is also some resistance near the high point of May 5, 1909.73.
In addition, MACD has run into an overbought area. The temporary suppression of the 1900 integer mark on the gold price is rather obvious, and the gold price faces a greater risk of retracement in the short term. The January 11 high support is near 1886.50, initial support is near the 5-day SMA at 1885.68, and Thursday's low support is near 1873.22; the 10-day SMA support is near 1864.40, and if the support is unexpectedly lost, the topping signal will be increased in the short term.XAUUSD: Breaking 1900 Successfully, But Wary of Retracement Risks in Short Term_1

Trading Recommendations

Trading direction: Short
Entry price: 1915.000
Target price: 1850.000
Stop loss: 1945.000
Support: 1853.320/1827.500
Resistance: 1910.000/1920.000
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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Win Rate

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