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Gold buyers brace for fresh 2023 highHaving successfully bounced off the 200-day EMA, the Gold buyers poke a four-month-old support-turned-resistance line as bulls await final clues for the next week’s Fed meeting. Given the overbought RSI conditions, the metal buyers appear to run out of steam and can keep struggling with the immediate hurdle surrounding $1,930. Even if the quote crosses that previous support line, the year-to-date (YTD) high of near $1,960 can act as an extra filter toward the north. It should be noted, however, that a clear run-up beyond $1,960 enables the bullion buyers to aim for the 61.8% Fibonacci Expansion of late September 2022 to February 2023 moves, near $2018. On the flip side, pullback moves could aim for the 23.6% Fibonacci retracement level of October 2022 to February 2023 upside, near $1,877. Any further downside, though, will need validation from the early March swing high near $1,858, a break which makes the Gold price vulnerable to retesting the 200-EMA support, around $1,810 at the latest. It’s worth noting that a clear break of $1,810 will need validation from November 2022 peak surrounding $1,786 to convince XAUUSD bears. Overall, the Gold price remains firmer but the bulls need a breathing gap before leaping toward the fresh YTD high.
OANDA:XAUUSD
by MTradingGlobal
EURUSD bears take a break ahead of ECBEURUSD posted the biggest daily slump in six months as Credit Suisse headlines fanned risk aversion on Wednesday. The fall, however, needs validation from the 1.0555-50 support confluence, comprising the 100-DMA and 14-week-old ascending support line, as well as the European Central Bank’s (ECB) Monetary Policy Meeting. That said, a clear break of 1.0550, accompanied by a disappointment from the ECB could quickly drag the major currency pair towards the 200-DMA support of 1.0320. However, the 38.2% Fibonacci retracement level of the pair’s September 2022 to February 2023 upside, near 1.0460, could act as an intermediate halt during the anticipated slump. On the contrary, recovery moves require hawkish commentary, as well as a rate hike decision, from the ECB to aim for the 50-DMA hurdle surrounding 1.0725. Following that, the mid-February swing high of around 1.0810 could test the EURUSD bulls ahead of directing the run-up towards the previous monthly high, as well as the 2023 peak, of near 1.1035. Overall, EURUSD is on the bear’s radar but the quote’s further downside hinges on the key fundamental events and important support zone break.
by MTradingGlobal