Market Technical Analysis by RoboForex

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XAUUSD poised for a breakout, with US CPI the key catalyst

Gold continues to strengthen following the release of US employment data, with prices currently hovering at 4,125 USD. 

Technical outlook

On the H4 chart, XAUUSD prices have formed a Hammer reversal pattern near the middle Bollinger Band and could extend their upward wave as the pattern's signal plays out. Since XAUUSD remains within an ascending channel, the target for further growth is the 4,190 USD resistance level.

Gold continues to recover following the release of US employment data, with US CPI figures set to be the main catalyst this week.

Read more - Gold Forecast

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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The RoboForex Team