XAU/USD has reached resistance

XAU/USD has reached resistance

2019-11-11 • Updated

BUY 1348; TP 1357; SL 1345

SELL 1335; TP 1326; SL 1339

XAU/USD reached resistance of the uptrend channel in the area of 1347. There’s a bearish divergence between the price and the oscillators on D1. This is a sign of the potential correction to the downside. Support lies at 1326 (previous high) and 1310 (trendline support). At the same time, the uptrend looks rather strong, so we can’t rule an attempt of buyers to test higher levels. The targets will lie at 1357/1360.

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XAU/USD: how about a buy trade?

XAU/USD formed a “hammer” candlestick on the D1 ahead of the 100-day MA. The price made a higher low on the H4 and now only the resistance at $1 877 separates the precious metal from further gains.

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