Analysis Of The XAU/USD Pair: US Dollar Remains The Main Safe Haven For Investors

By RoboForex Analytical Department

The US dollar has been rising against a basket of world currencies for 11 weeks now. The growth in the yield of US government bonds is fueling demand for it. Investors are aiming to get the maximum profit from investments in virtually risk-free instruments like US government bonds. Against this backdrop, gold is losing its position.

Technical Analysis Of The XAU/USD Currency Pair

On the D1 timeframe for the XAU/USD pair, the resistance remains at 1929.14, and support has still not formed. An important historical level - 1840 has been breached. Quotes have fallen below the 1810 mark. Support is likely to be formed around this level.

On the H1 timeframe, speculative purchases can be considered within the temporary correction from 1827.74 with a target at 1857. Given the duration of the falling trend, sales following the trend are unlikely. Short positions may be considered after a rebound from 1855 following the correction.

Disclaimer

Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.