XAU/USD: is more upside possible?

XAU/USD: is more upside possible?

Trade ideas

SELL 1,499; TP1 1,493; TP2 1,481; SL 1,503

BUY 1,513, TP 1.520; SL 1,509

XAU/USD remains in an uptrend. This week it rose above the key psychological level of 1,500. In the longer term, a break above 50% of the 2011-2015 decline at 1,481 has opened the way up to 1,585 (61.8% Fibo). 

There’s an inside bar pattern on D1 - a sign of consolidation. Usually, it’s considered that the most likely direction of a breakout after an inside bar is in line with the preceding trend. However, we should notice that gold is largely overbought and on many timeframes, the Awesome Oscillator doesn’t confirm the latest highs. If XAU/USD tries to break above 1,510 (recent high), be careful: the breakout may be false. In case of a false break and a failure to close above 1,510, it’s safe to sell gold.

Without a false breakout to the upside, the decline below 1,499 will likely cause the slide to the 1,493 area, where there’s support. A further fall below 1,490 will bring the price to 1.481. The price will be able to rise to 1,525 and higher only in case of a daily close above 1,510. 

XAUUSD.png

Similar

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.

Latest news

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.

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera