xauusd technical analysis on dated 12-9-2022

188
Gold Trading

 

The xauusd is a market index for commodities. As of February 3, 2018, the xauusd was trading at 0.72457 U.S. dollars per one unit of the currency. The xauusd was created in December 2005 as a replacement for the Brazilian real, which was abandoned in favor of an independent currency.

 

The index is based on prices from five major exchanges: Bovespa (Brazilian stock exchange), ICE Futures Europe, NYMEX commodity market, Tokyo Commodity Exchange and London Metal Exchange. Today’s analysis as follows:

 

  • Posted a Double Bottom formation.
  • This is a bullish reversal signal and the lack of progress lower has confirmed a sentiment shift.
  • We look for gains to be extended today.
  • Further upside is expected although we prefer to buy into dips close to the 1710.00 level.

 

Recommendations: Buy/Buy limit @ 1720              Target/TP: 1740