XAU/USD offers trade opportunities
Trade ideas
BUY 1340; TP 1346; SL 1338
SELL 1329.50; TP 1323; SL 1331.50
The advance of XAU/USD has become overly stretched. Gold has already made big gains during the recent days and gone far away above the daily moving averages. This increases the odds of a correction to the downside. However, the markets await the release of the US Nonfarm Payrolls at 15:30 MT time today. The USD is extremely data-sensitive right now, and so is gold.
XAU/USD is currently consolidating within a triangle on H4 offering a perfect opportunity to trade on a breakout to either direction. The upside is more in line with the negative sentiment the market has about the USD these days. If this scenario realizes, gold will test February highs. However, if the US figures surprise in a positive way, XAU/USD will pull back down.
