XAU/USD: a slight recovery

XAU/USD: a slight recovery

Trade idea

BUY TP1 1233.60; TP2 1238.40; SL 1226.

The market risk sentiment improved after the G20 meeting. While risk-sensitive currencies like AUD and NZD try to figure out whether to close gaps or not, the USD is strengthening versus gold.

Technical indicators on W1 are bullish. A candlestick with a long lower wick formed last week means that XAU/USD enjoyed buying interest.  


On D1, 50-day MA went above the 100-day one. The pair’s actively testing the resistance line. Targets lie at 1233.68 (200-week MA) and 1238.44 (38.2% Fibo).



USD Regains Strenght

Looking ahead, highlights from macroeconomic calendar include EZ Sentiment Index and Fed’s Evans speech who is a Fed non-voter. Rise in US-China tensions (WeChat specifically) sends US dollar higher.

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