Analysis Of The XAU/USD Pair: Demand For Physical Gold Bars Increases

By RoboForex Analytical Department

According to Costco Wholesale Corp, there has been a significant increase in the demand for the 'physical' form of gold in bars. As reported by the company, this category of goods is selling like 'hot cakes'. Against the backdrop of falling spot prices for gold, retail investors are replenishing their savings. Nevertheless, elevated interest rates from leading global central banks continue to put pressure on the value of precious metals.

Technical Analysis Of The XAU/USD Currency Pair

On the D1 timeframe, the resistance level in the XAU/USD pair has shifted to 1929.14, while support has not yet formed. An important historical level - 1886.20 has been breached. Quotes dropped below the 1860 level, and support is likely to form around it.

At the time of writing the commentary, a weak ascending trend is observed on the H1 timeframe. Sales within the framework of the global decline can be considered from 1865.50 with a target at 1855. Speculative purchases are only likely upon securing above the 1886.20 mark, with a target at 1903.55.

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.