Risk Warning: CFDs and margin FX are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone and may result in you losing substantially more than your initial investment. Please consider our PDS

Technical Chart Summary: XAUT-USD

The Chaotic swings of Crypto has pushed investors and traders back into Gold and Silver in the past week. This has prepared the ground for the Gold prices to breach the resistance at $2000 level. As more people look out for inflation hedges, Gold and Silver are going to be the preferred choices. The stock market will enter 10% correction zone before S&P rebounds to move towards 5000 mark. This should contribute to higher gold prices. The hourly chart of XAUT/USD shows that the upward momentum in the Gold prices have begun. The new support zone is between $1888 to $1883. In case of any short-term downward movement the gold should find strong support at around $1873 mark. As of now the Gold price is facing a soft resistance at $1898 and once it is broken the next resistance level is at $1908. As per our chart analysis the chart shows a potential BUY opportunity between $1895 to $1888 levels. Once the Gold retraces back to $1910 mark it should pause for consolidation to move higher from there.

Open a FREE CFD demo trading account


The information provided is of a general nature and is not intended to be personalised financial advice. The information provided is not intended to be a substitute for professional advice. You may seek appropriate personalised financial advice from a qualified professional to suit your individual circumstances.

Trading in Rockfort Markets derivative products may not be suitable for everyone as derivative products may be considered as high risk. Please ensure that you understand the risks involved. A Product Disclosure Statement can be obtained here and should be considered before trading with us.
Share on facebook
Share on twitter
Share on linkedin

Related blog posts

Get weekly insights from award-winning team

Sign up for all the latest updates from our Rockfort Academy including news, industry analysis and updates from trading central team.

  * By entering your email, you agree to our Terms of Service and Privacy Policy.

Open a FREE Demo Trading Account

Rockfort Markets’ products are risky; please read our PDS.