The US economy and the USD
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
Elizabeth Belugina
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