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Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.įXCM Australia Pty. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. If it comes in more dovish than previous, it will likely provide a tailwind for XAUUSD.Īny opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. Moreover, there is some debate to what direction Fed monetary policy will take on 22 March. As uncertainty dominated, capital found its way towards the precious metal as a haven. Gold has benefitted from the market turmoil that has gripped the banking sector over the last week. However, if the stochastic drops below 80, the upside momentum will be considered to be waning.
If the stochastic can maintain current levels, the momentum will be price supportive, with the R1 pivot looking vulnerable. The hourly momentum-based stochastic is over 80 (green rectangle), which suggests that an underlying momentum is present. The upper boundary of the pattern overlaps with the R1 pivot, which is acting as resistance. Its hourly chart has charted an ascending triangle pattern (blue dashed lines), which has higher lows.
The longer the precious metal remains in this channel, the greater the likelihood of further price appreciation. The red Bollinger bands have expanded due to an increase in volatility. Gold's daily candlesticks are trading in their bullish channel between the upper blue and red bands.
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