XAU/USD rose to the highest levels since 2012. The advance has become stretched and the price may try to correct down.
XAU/USD: gold is in the dead zone
SELL $1,3320 SL $1,3470 TP1 $1,3060 TP2 $1,2920 TP3 $1,2730
SELL $1,3430 SL $1,3580 TP1 $1,3060 TP2 $1,2920 TP3 $1,2730
On the daily chart of XAU/USD, bulls manage to hold off an enemy attack at the $1,306-1,308.50 support. Another test of this area in case of success will increase the possibility of a pullback to $1273 and lower. The condition necessary for the uptrend’s resumption is a convincing break of resistance at $1350 an ounce.
On H1, much will depend on bulls’ ability to lead the pair outside of descending channel.
After forming a diamond-like top below 1,700, XAU/USD went consolidating. Pay attention to the support and resistance levels!
Currently, the precious metal trades in the zone of 7-year highs. How far away is the all-time high?
Risk-on pushed stocks and riskier currencies upward.
It’s simply the question of time before gold price gets to the higher levels…
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