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XAUUSD, Fibonacci Analysis

2/8/2023 12:08 PM

XAU/USD, H4

On the four-hour chart, the price has reached its lowest level since the beginning of the year at 1860.20, from where it is trying to start an upward correction. If the quotes fix above 1882.00 (correction 23.6%), supported by the middle line of Bollinger bands, the growth will be able to continue to 1895.00 (correction 38.2%) and 1906.50 (correction 50.0%). The breakdown of 1860.20 (correction 0.0%) will further decrease the asset.

Technical indicators show that the downtrend is continuing: Bollinger bands and Stochastic are directed downwards, and the MACD histogram is stable in the negative zone.


XAU/USD, D1

On the daily chart, the price reached year’s highs around 1950.00, from where it started a downward correction. Currently, the quotes are trying to consolidate below 1873.50 (correction 23.6%), and if successful, they will be able to continue falling to 1827.00 (correction 38.2%) and 1789.50 (correction 50.0%). In case of a reverse breakout of 1873.50, the quotes will be able to return to 1917.25 (middle line of Bollinger bands) and 1950.00 (0.0% correction).

Technical indicators show opposite signals: Bollinger bands are directed upwards, confirming the continuation of the upward trend, Stochastic is directed downwards but has entered the oversold zone, and the MACD histogram is preparing to go into the negative zone and form a sell signal.


The potential for the development of a downward correction looks limited, and a resumption of price growth is more likely. If 1882.00 (correction 23.6% for H4) is broken upwards, its targets will be 1895.00 (correction 38.2% for H4) and 1917.25 (correction 61.8% for H4, the middle line of Bollinger bands for D1). After the consolidation below 1860.20 (correction 0.0% for H4), the decline may continue to 1827.00 (correction 38.2% for D1).

Resistance levels: 1882.00, 1895.00, 1917.25. | Support levels: 1860.20, 1827.00, 1789.50.

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