Forex Analysis & Reviews: 17.03.2023 - XAU/USD outlook for March...

17.03.2023 04:00 PM

XAU/USD outlook for March 17, 2023

Open trading account Open demo account

Gold hit a new six-week high of 1937.00 last Wednesday, adding nearly 3.5% for the week, and so far remains near this mark. As of writing, XAU/USD was near 1930.00 and remains in a bull market zone for short, medium, and long term. If the Fed's decision at the March 21 and 22 meetings is considered too soft by investors, we could see a new rally in gold and the XAU/USD moving towards last year's highs and above 2070.00.

A rise above this week's high of 1,937.00 may be the first signal for long positions, even though the pair seems oversold (Stochastic, for instance, has been oversold for several days, which indicates a strong bullish momentum.)

Alternatively, XAU/USD will resume its decline. The first signal to open short positions will be the breakdown of today's low of 1919.00 and the short-term support level (200 EMA on the 15-minute chart), and the breakdown of the support levels 1885.00 (200 EMA on the 1-hour chart), 1860.00 (200 EMA on the 4-hour chart and 50 EMA on the daily chart) will be the confirming signal, with targets at key support levels 1820.00 (144 EMA on the daily chart), 1813.00 (200 EMA on the daily chart), 1800.00.

The breakdown of the support levels 1722.00 (23.6% Fibonacci level), 1715.00 (200 EMA on the weekly chart) will jeopardize the entire long-term bullish trend of gold, sending XAU/USD inside the downward channel on the weekly chart of the pair (its lower border is near the 1500.00 mark).

Support levels: 1919.00 1900.00 1896.00 1885.00 1875.00 1860.00 1843.00 1820.00 1813.00 1800.00 1788.00 1762.00 1722.00 1715.0

Resistance levels: 1937.00, 1958.00, 2000.00

Trading scenarios

Sell Stop 1918.00. Stop-Loss 1941.00. Take-Profit 1900.00, 1896.00, 1885.00, 1875.00, 1860.00, 1843.00, 1820.00, 1813.00, 1800.00, 1788.00, 1762.00, 1722.00, 1715.00

Buy Stop 1941.00. Stop-Loss 1918.00. Take-Profit 1955.00, 2000.00

You have already liked this post today

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

#USD Trading plan

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2023

Recommended Stories

How to trade GBP/USD on March 31. Simple trading tips and analysis for beginners

On Thursday, GBP/USD also stretched its upward movement for no reason at all. The euro theoretically had the right to grow because of the inflation report, but then the same

Paolo Greco 05:00 2023-03-31 UTC+2

1450

How to trade EUR/USD on March 31. Simple trading tips and analysis for beginners

On Thursday, EUR/USD stretched its upward movement, which isn't surprising anymore. A new uptrend line was formed, which appeared almost immediately after the pair overcame the previous one. We didn't

Paolo Greco 05:00 2023-03-31 UTC+2

1510

XAU/USD outlook for March 30, 2023

In a situation of continued high inflation, political and economic uncertainty, and amid expectations of soft decisions from the Fed, purchases of defensive assets—yen, government bonds, gold—remain very relevant. Gold

Jurij Tolin 15:38 2023-03-30 UTC+2

2920

I focused on the level of 1.2355 when I made my morning forecast and suggested trading decisions based on it. Let's take a look at the 5-minute chart

Miroslaw Bawulski 13:43 2023-03-30 UTC+2

2980

EUR/USD: trading plan for American session on March 30. Overview of morning trades. EUR to rise above 1.0870

In my morning article, I turned your attention to 1.0824 and recommended making decisions with this level in focus. Now, let's look at the 5-minute chart and figure out what

Miroslaw Bawulski 13:10 2023-03-30 UTC+2

2470

EUR/USD and GBP/USD trading plan for beginners on March 30, 2023

EUR/USD slowed down when it reached 1.0870, which resulted in the market stagnation. As a result, a consolidation range of 50 pips was formed. It is possible that the current

Gven Podolsky 11:48 2023-03-30 UTC+2

2395

Trading tips for EUR/USD

As EUR/USD updated yesterday's high, sellers have new levels where they can place short positions. Traders may start from the current prices, placing a set of short positions

Andrey Shevchenko 11:42 2023-03-30 UTC+2

1915

Trading plan for EUR/USD and GBP/USD on March 30

The macroeconomic calendar was completely empty yesterday, pretty much the same as today. Sure, jobless claims data in the US is scheduled, but the changes should not be large

Mark Bom 09:05 2023-03-30 UTC+2

2440

GBP/USD: trading plan for European session on March 30. Commitment of Traders. GBP unable to climb above 1.2350

Yesterday, there was only one entry point. Now, let's look at the 5-minute chart and figure out what actually happened. In my morning article, I turned your attention to 1.2296

Miroslaw Bawulski 08:21 2023-03-30 UTC+2

2665

EUR/USD: trading plan for European session on March 30. COT report. Future rise in EUR under question

Yesterday, traders received just one signal to enter the market. Let us take a look at the 5-minute chart to clear up the market situation. Earlier, I asked

Miroslaw Bawulski 08:19 2023-03-30 UTC+2

2080