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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203323, member: 80239"] [HEADING=1][CENTER][B]Gold [/B][/CENTER][/HEADING] [CENTER]Under Pressure from USD[/CENTER] [HR][/HR] [CENTER][MEDIA=youtube]2dJ2sHmZarM[/MEDIA][/CENTER] [JUSTIFY][B]Current trend[/B] In the first days of the new year, gold quotes are highly dependent on USD dynamics, and at yesterday's trading session, they again dropped to $1800 per ounce, near which they spent the entire second half of last year. Currently, the XAU/USD pair is correcting within a downtrend around 1805.0. Now, when the bulk of investor capital is out of the market, metal quotes can react sharply to any changes in the information background. So, today's data on Chinese Manufacturing PMI, which rose to 50.9 points from 49.9 points a month earlier, allowed the trading instrument to start the session with growth. At the beginning of last year, after the publication of corresponding statistics, the precious metal quotes actively changed the dynamics of movement, but by the end of the year, this dependence had weakened. When the market liquidity is low, the asset reacts to almost any changes in the macroeconomic background. As for the number of positions in gold, according to the US Commodity Futures Trading Commission (CFTC), they slightly increased to 205.8K from 202.2K a week earlier. As for the distribution of the "bulls" and the "bears" by positions, a significant advantage in favor of buyers remains. Over the past week, the number of their positions increased by 2.044K, reaching 174.261K, while for sellers, this indicator increased by 4.883K to 45.189K. [B]Support and resistance[/B] On the daily chart, the price moves within the global sideways channel reversed at the upper border. Technical indicators give a weakening buy signal: indicator Alligator's EMA fluctuations range narrows, and the AO oscillator histogram forms upward bars near the transition level. Support levels: 1786 and 1725 Resistance levels: 1830 and 1870[/JUSTIFY] [ATTACH type="full" alt="xauusd_daily analysis.png"]19790[/ATTACH] [/QUOTE]
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