GOLD
The price of gold has fallen in recent days due to a stronger dollar. Looking at the H4 chart, declines accelerated after breaking the support zone at $ 1,830. Currently, however, the price has reached the key intraday support. The green zone at $ 1,804.7 is marked with the lower limit of the 1: 1 structure (blue rectangle), 50% Fibonacci retrenchment of the last bullish wave, and previous price reactions. In addition, the bulls are struggling to keep the price above the lower limit of the downward channel. Should break lower occur, the next support is located at $ 1792. On the other hand, if buyers become more active, the price would have a chance to return to the $ 1,830 region.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
GOLD interval H4. Source: xStation5
GBPUSD
After yesterday's Fed meeting, we can observe a continuation of the USD appreciation, which is clearly visible on the GBPUSD chart. Looking at the H4 interval, one can see another major level of support has been breached - the zone at 1.3390, which coincides with 61.8% Fibonacci retracement and the lower limit of the downward channel. If the declines deepen, the next support is marked by 78.6% retracement, just below the level of 1.3300.
GBPUSD interval H4. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
