Gold Price Forecast: $1,915 in sight for XAU/USD ahead of key US Data – Confluence Detector - FXStreet

Gold Price Forecast: $1,915 in sight for XAU/USD ahead of key US Data – Confluence Detector  FXStreet

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Active Support on XAG/USD Following -2.9% Fall Last Week

Silver OANDA:XAGUSD

Aaron-Hill

Spot silver in $ terms was a chart of interest in last week’s edition of The Pattern Pulse. The section for XAG/USD noted the following (italics):

XAG/USD stepped below two key levels of support at $23.98 and $24.10 yesterday, both of which are now marked as potential resistances. With the room available for price to target support between $23.09 and $23.31 and the Relative Strength Index (RSI) crossing under its 50.00 centreline (negative momentum), further underperformance could be seen, at least in the short term.

As seen from the daily chart of silver, the precious metal closed out the week, bumping heads and recoiling from support between $23.09 and $23.31. In addition to this support structure (not highlighted in The Pattern Pulse) was the nearby ‘alternate’ AB=CD bullish formation at $23.15, depicted by a 1.618% Fibonacci projection ratio.

Based on current technical studies, despite the RSI reflecting negative momentum (< 50.00), there is scope to navigate higher on the daily chart for silver this week (at least in the short term), targeting resistance between $24.10 and $23.98.

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US July Nonfarm Payrolls Preview: Analyzing Gold price's reaction to NFP surprises - FXStreet

US July Nonfarm Payrolls Preview: Analyzing Gold price's reaction to NFP surprises  FXStreet

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Weekly Forex Forecast For July 31-August 4, 2023 - Daily Price Action

Weekly Forex Forecast For July 31-August 4, 2023  Daily Price Action

source https://news.google.com/rss/articles/CBMiVGh0dHBzOi8vZGFpbHlwcmljZWFjdGlvbi5jb20vc2V0dXBzL3dlZWtseS1mb3JleC1mb3JlY2FzdC1mb3ItanVseS0zMS1hdWd1c3QtNC0yMDIzL9IBAA?oc=5