By RoboForex Analytical Department
Gold continues its impressive streak of gains for the fourth week in a row. At the beginning of this week, the price of a troy ounce of the precious metal is around 1,973 USD.
This increase in the price of gold indicates that the market is looking for a “safe haven” from the effects of the banking crisis, which remains one of the main threats to the global economy. In addition, the US Federal Reserve’s ambiguous stance on the future interest rate makes gold quite attractive to investors.
At the end of last week, the European banking sector came under pressure again, which caused an increase in anxiety in stock markets around the world. The concern was caused by the decline in the shares of the largest European bank Deutsche Bank.
Against the backdrop of this uncertainty, gold is again becoming a “safe haven” for the capital market, which makes it one of the most demanding investment assets in the face of economic uncertainty. Some analysts believe that the price of gold may continue to rise in the near future, until there is stability in the financial markets.
On H4, XAU/USD has performed an impulse of decline to 1934.24 and growth to 2003.30. At the moment, a consolidation range is forming at these levels. If the price breaks out of it downwards, a link of correction to 1895.00 might follow. If the price breaks through upwards, the wave might continue to 2012.12. Technically, this scenario is confirmed by the MACD. Its signal line is above zero, directed strictly down to renew the lows.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
On H1, XAU/USD has performed a structure of decline to 1977.90. At the moment, a consolidation range is forming around it. With an escape from it downwards, the wave might continue to 1952.50. Then growth to 1977.90 might follow, and then — a decline to 1927.00. Technically, this scenario is confirmed by the Stochastic oscillator. Its signal line is above 20, aiming strictly upwards.
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.
- Australia’s inflation rate is at a 3-month low. Oil prices are approaching $70 again Mar 26, 2025
- USD/JPY Rises Again: Yen Lacks Support as Bulls Take Control Mar 26, 2025
- Oil prices rise amid a new OPEC+ plan to cut production. Inflation in Singapore continues to weaken. Mar 24, 2025
- SNB cut the interest rate to 0.25%. Inflationary pressures are easing in Hong Kong and Malaysia Mar 21, 2025
- EURUSD Loses Momentum as Fed Bolsters the US Dollar Mar 21, 2025
- Pound Hits 4.5-Month High: New Peaks on the Horizon Mar 20, 2025
- The FOMC and PBoC expectedly kept interest rates at current levels. New Zealand’s economy came out of a recession Mar 20, 2025
- The US indices are under pressure again. Oil declines amid oversupply Mar 19, 2025
- Japanese Yen Continues to Slide as Bank of Japan Disappoints Markets Mar 19, 2025
- The OECD downgraded its growth expectations for the G20 economies. Oil prices rose for the third consecutive session. Mar 18, 2025
