Can XAUUSD Move Higher?

Can XAUUSD Move Higher?

Happy Friday, dear traders! Let's check what news is moving the markets today! 

  • JPMorgan says the SEC will approve a spot Bitcoin ETF within a few months. BTCUSD is up 1.75% today.
  • The Central Bank of Japan again made unscheduled purchases in the government bond market amid rising 10-year interest rates. Sakurai (the Central Bank of Japan) said this week that the Bank of Japan may end its policy of negative rates by the end of the year. Meanwhile, USDJPY is up 0.13% today.
  • US plans to purchase six million barrels of oil for strategic reserve by January - Ministry of Energy. XBRUSD gained 1.90% yesterday. 
  • The producer price index is falling in Germany, hitting -0.2% versus +0.3% the previous month.
  • Powell says the Fed will keep monetary policy restrictive until there are clear signs that inflation has begun to decline steadily. The US dollar index is up 0.10% today.
  • The dollar's status as the world's reserve currency could only be recovered if the US controls its spending. The huge budget deficit and rising interest rates on the US national debt should scare every American, analysts say.

XAUUSD technical analysis


XAUUSD reached 1982.00, which is a massive resistance. The reaction to this level will define the short-term trend for the yellow metal.

  • If XAUUSD breaks above this resistance with a retest, it will move to 2050.00.
  • Otherwise, a correction to 1943.00 may begin.   

Have a great trading session! 


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