2019-11-11 • Updated
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.
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...
Gold prices bounced back on Wednesday, reaching $2,173.60 after briefly dipping to $2,150.00. Traders speculate that the US Federal Reserve (Fed) might reduce borrowing costs, but a recent report showing higher-than-expected inflation in the US could delay such actions. Despite signs of a cooling labor market, the US economy remains robust, with inflation
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.
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...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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