Gold: catching buy trades

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

XAUUSDH1.png

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