XAU/USD: important technical levels

XAU/USD: important technical levels

Trade ideas

SELL 1,500; TP 1,490; SL 1,503

BUY 1,510; TP 1,515; SL 1,508

XAU/USD ran into the resistance area around $1,515 which has been limiting the upside since the start of October - gold hasn’t closed above this level on the D1. The price is currently testing support of the 50-day MA at $1,503. The decline below this level should trigger a correction down to $1,490 (support line from October lows). In the short-term, XAU/USD will have another go on $1,515 if it rises above the 50-hour MA in the $1,510 area. A close above $1,515 or a break of $1,520 is needed to open the way up to $1,530. 

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Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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