The rally of the US dollar has stopped for a while. That allowed risk-on assets (GBP, NZS, AUD, stocks) and also gold to recover some losses.
XAU/USD: how about a buy trade?
2020-09-25 • Updated
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. The target for buying will be at $1 890 (100-hour MA and 38.2% Fibonacci retracement of the latest decline). Support lies at $1 866, $1 860, and $1 850.
Trade idea for XAU/USD
BUY $1 878; TP $1 890; SL $1 875
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