xauusd technical analysis on dated 23-01-2023

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Gold Trading

Gold is a chemical element with the symbol Au (from Latin: aurum) and atomic number 79, making it one of the higher atomic number elements that occur naturally. In a pure form, it is a bright, slightly reddish yellow, dense, soft, malleable, and ductile metal. Gold is a good conductor of electricity and does not tarnish when it is exposed to air or water.

 

Gold is often used as a hedge against currency and market fluctuations, as well as an inflation hedge. It is also used in jewelry, electronics, and other industries. The price of gold is affected by a variety of factors, including supply and demand, geopolitical events, and interest rates. Technical and fundamental analysis can be used to analyze the gold market and make predictions about future price movements.

 

  • Continued upward momentum from 1896 resulted in the pair posting net daily gains yesterday.
  • The rally is close to a correction count on the daily chart.
  • Bespoke resistance is located at 1941.
  • Bespoke support is located at 1914.
  • We have a 61.8% Fibonacci pullback level of 1914 from 1901 to 1935.

 

Recommendation: Buy/Buy limit @ 1915   TP/Target: 1945

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