XAU/USD is the currency pair representing the price of one ounce of gold in US dollars. Analysis of the XAU/USD pair typically involves examining factors that could impact the value of gold and the US dollar, such as economic data releases, geopolitical events, and central bank policy. Technical analysis may also be used to identify trends and potential entry and exit points for trading the pair. Additionally, some analysts may also look at other factors such as gold mining production and demand for gold in various industries.
- 2 negative daily performances in succession.
- Selling posted in Asia.
- Bespoke support is located at 1872.
- A Fibonacci confluence area is located at 1876.
- There is scope for mild buying at the open but gains should be limited.
- Further downside is expected and we prefer to set shorts in early trade.
