In this article, you'll find answers to major questions about the USD. Why is it rising? When will its dominance end?
Is gold ready to shoot up?
2021-04-16 • Updated
Gold (XAU/USD) may have formed a double bottom: the price rebounded right from $1680 for two times and then made a big leap up on the daily timeframe: yesterday’s candlestick closed above the 50-day MA at $1752.
Let’s have a closer look at the short-term uptrend. There’s still space until the resistance line is hit. The price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
Trade idea for XAU/USD
BUY 1771; TP 1780; SL 1765
The gold price is now at the crossroad. Will it revert and fall back into the downtrend or aim at the all-time highs?
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We love triangles because they're easy to spot and predict possible price moves. Do we have any in the stock market?