XAU/USD: how about a buy trade?

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

XAUUSDH1.png

TRADE NOW

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Gold: catching buy trades

On Thursday, XAU/USD tested levels below $1 860, but then managed to close near the day’s high. The support in the $1 860/50 has been limiting the downside since the end of the summer.

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