Daily Technical Analysis Of XAUUSD - Wednesday, Feb. 15

Feb 15, 2023 at 8:33 AM EST

Gold dropped to the lowest level of the past month at around $1,842 after yesterday’s announcement of higher-than-expected inflation in US, translated to more interest rate hikes which made the USD stronger.

Spotlight on XAUUSD

Freepik

The latest daily technical analysis by AAATrade reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.

GOLD

Looking at Gold’s chart, we can see that the precious metal dropped to the lowest level of the past month at around $1,842 after yesterday’s announcement of higher-than-expected inflation in US, translated to more interest rate hikes which made the USD stronger.

Today, we could expect it to test its support level at around $1,830 where a technical upward reaction should be expected towards its resistance level at around $1,855.

AAATrade's Daily Technical Analysis of XAUUSD - 15/02/2023

More By This Author:

Daily Technical Analysis Of USDJPY - Tuesday, Feb. 14
Technical Analysis Of Coca-Cola Company
Daily Technical Analysis Of EURGBP - Monday, Feb. 13

Disclaimer:

We also offer CFD products. 71.19% of retail CFD accounts lose money. CFDs trading is risky and your entire capital might be at risk. Information presented herein, is not to be constructed as a solicitation or an offer to buy or sell any Financial instrument or to participate in any trading strategy.

Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information.