US markets are closed for Thanksgiving on Thursday, that's why the volatility falls. However, there are still some interesting movements!
Gold: catching buy trades
2020-11-20 • Updated
On Thursday, XAU/USD tested levels below $1 860, but then managed to close near the day’s high. The support in the $1 860/50 has been limiting the downside since the end of the summer. Given the fact that the situation with the pandemic remains uncertain, it’s logical to expect the precious metal to remain in demand. In the short term, this means that the advance above $1 870 will open the way up to $1 877. The next level to watch on the upside is at $1 890. Notice that to enter a trade, we need to wait for the breakout of the short-term resistance line.
Trade idea for XAU/USD
BUY 1 871; TP 1 877; SL 1 868
After a wide consolidation during the US vote count, XAU/USD has managed to close above $1 915 on the H4 (50-day MA).
XAU/USD formed a “hammer” candlestick on the D1 ahead of the 100-day MA. The price made a higher low on the H4 and now only the resistance at $1 877 separates the precious metal from further gains.
Amazon's stock is calming down. Is it before a bullish storm?
The mix of economic reports from Canada and the USA will have a huge impact on the pair! Get ready with us!
GBP/USD is heading for the fifth week of gains. Will the rally up continue or stop?