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Gold edging down to complete retracement – FX Leaders Buy Limit

Gold turned bullish as the U.S. dollar declined against a basket of major currencies after concerns arose of concessions by Canada that would settle disputes over revising the North American Free Trade Agreement. As you know, gold and dollar share a negative correlation, therefore, a dip in the dollar index cause buying in gold.

Technically, gold entered the overbought zone, signaling bulls may initiate profit-taking ahead of the U.S. Inflation data. So, we just applied the Fibonacci retracement indicator on gold’s hourly chart. Gold may have a significant support at 38.2% Fibo level of $1,202. That’s where I’m looking to place my buying limit to target $1,207.

Gold – XAU/USD – Technical Levels

Support Resistance
1196.3 1212.21
1186.54 1218.36
1170.63 1234.27
Key Trading Level: 1202.45

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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