Home Forex Markets XAU/USD Gold Forecast: Gold price staged a Jedi rebound, gold bulls and gold price rallying stamina need to pay attention to this important technology

XAU/USD Gold Forecast: Gold price staged a Jedi rebound, gold bulls and gold price rallying stamina need to pay attention to this important technology

by WOOWinvest
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The XAU/USD gold bear market rally won’t last long; gold’s one-month downtrend channel remains intact.

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Gold fell to1,787Dollar/After a new multi-month low near the ounce, it is back1,828Dollar/ounces, but higher gold prices look set to struggle.The New York Fed manufacturing index released yesterday was-11.6much lower than expected, while the former was17. And U.S. Treasury yields (yields) fell slightly, which gave gold a boost. The U.S. dollar also pulled back earlier in the week, but the lack of conviction and any real follow-through in these moves seemed to indicate a pause rather than a trend reversal.later today (East8District time early morning02:00), Federal Reserve Chairman Jerome·Powell will speak, and the market, as always, must pay attention to his remarks.

🔥Events such as the speech by the chairman of the Federal Reserve will cause fluctuations in the gold market, so how do you learn to judge the important fundamental factors of the gold market to seize the opportunity to trade gold? The manual below will tell you! 👍

The daily chart of gold highlights the major trends and sell-offs over the past month.4moon18bearishInverted hammer linecandle pattern,5moon5Another day came up, and these conditions continued to put downward pressure on gold. Any recent bear market rally has been sold off,4The bearish channel from the beginning of the month remains in place.If this channel is effectively broken, the next resistance level will be concerned1,858Dollar/ounces around.Even50%Fibonacci retracement level of1871Dollar/ounce.If the current bear market rally fails, then yesterday’s low1,787Dollar/oz will come back into play.

👍👍A rare reversal signal like the inverted hammer is a good opportunity to enter the trade!But if you can’t identify and use it in actual combat, you will miss the opportunity to make a profit. Now the DailyFX team has compiled a complete collection of professional candle charts and trend lines! Learn now for free and interpret such an important technical signal yourself!

Gold daily chart – 2022year5moon17day

XAU/USD Gold Forecast: Gold price staged a Jedi rebound, gold bulls and gold price rallying stamina need to pay attention to this important technology

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