Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
XAU/USD: Indians will show way for gold
2019-11-11 • Updated
Recommendation: SELL $1280 SL $1296 TP $1264 TP2 $1250
On the daily chart, XAU/USD managed to return inside the bullish medium-term uptrend channel. Successful test of resistance at $1297 will trigger AB=CD pattern. Its 200% is near $1385. On the other hand, failure will allow bears to seize the initiative.
On H1, XAU/USD formed a reversal pattern: a combination of “Three Indians” and 1-2-3. A break below correction low at the point 2 will signal the start of corrective move. There’s also diagonal resistance at 23.6% of the last bullish wave.
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Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
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Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...