How To Make Money Today: Daily Gold (XAUUSD) Market Analysis and Forex Trading Signals 30 March 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first, and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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XAU/USD (GOLD):
On the H4, prices are on bearish momentum and abiding by our descending trendline resistance. We see the potential for further bearish continuation from our 1st resistance at 1941.226 which is in line with 78.6% Fibonacci projection towards our 1st support at 1915.715 in line with 23.6% Fibonacci retracement and also graphical swing low.. Prices are trading below our ichimoku clouds, further supporting our bearish bias.
Areas of consideration:
- 4h 1st support at 1915.715
- 4h 1st resistance at 1941.226
- Gold price forecast: XAU/USD remains bullish as the US dollar continues to fall.
- As a value play, gold prices have seen considerable bids before $1,900.
The risk-on drive has been bolstered by progress in Russia-Ukraine peace negotiations.
On a bullish market tone, the DXY is eyeing a drop below 98.00.
Update: The gold price is rising as the US currency and US yields bleed out. The 10-year yield is now down roughly 2% on the day, while the DXY index, which measures the dollar against a basket of currencies, is down 0.3 percent at the time of writing.
Russia promised to draw down military activities around Ukraine’s capital and north during the peace negotiations, while Kyiv urged that Ukraine join the EU while maintaining a neutral stance by not joining NATO.
”Talks successful enough for a possible meeting between Putin and Zelensky, says Ukrainian presidential advisor Mykhailo Podolyak. “We have documents prepared now which allow the presidents to meet on a bilateral basis,” he said.
Overall, though, the movement has been somewhat tame. This suggests that the Russia-Ukraine conflict isn’t as priced in as some may believe, or that markets aren’t completely sold on it. In the previous 24 hours, markets have gone up and down. The rise in 2Y UST rates to 2.45 percent yesterday, as well as yield curve inversions, were the most noticeable developments.
END OF UPDATE.
Market players have pounded gold (XAU/USD) as safe-haven assets lose attractiveness as peace negotiations between Russia and Ukraine proceed. The precious gold dropped sharply this week after failing to hold above the $1,950.00 mark. Although, because to responsive purchasing just below $1,900, gold prices have risen to almost $1,920.00.
The Russian government has defied the first stage of a ceasefire with Ukraine by withdrawing its soldiers from northern Ukraine and Kyiv. While Ukraine has taken a neutral stance and is not a member of the NATO alliance group.
Market mood has strengthened as a result of Moscow and Kyiv’s early gestures toward a peace plan. In the midst of an aggressive risk-on drive, risk-sensitive assets are gaining traction.
Meanwhile, the US dollar index (DXY) has been subjected to a barrage of safe-haven asset dumping. The DXY is retracing to about 98.00, its Tuesday low, and is expected to continue its losses once the latter is violated. Despite low US JOLTS Job Openings statistics, the Federal Reserve (Fed) has a stronger chance of raising interest rates by 50 basis points (bps). The JOLTS Job Opening was 11.266 million, slightly higher than the previous result of 11.263 million and the forecast of 11 million.
Investors will be looking for further guidance in the quarterly US Gross Domestic Product annualized (Q4) report, which is coming on Wednesday. The preliminary estimate for quarterly US GDP is 7%, which is the same as the prior estimate.
Technical Analysis for Gold
After a re-test at the March 16 low of $1,895.15, XAU/USD has seen response purchasing on an hourly timeframe. The precious metal has surpassed the Exponential Moving Average of 20 periods (EMA). The Relative Strength Index (RSI) (14) has moved into a range of 40.00-60.00, indicating that consolidation is on the way.
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