XAU/USD is scaring buyers

XAU/USD is scaring buyers

Trade idea

SELL 1,475; TP 1,455; SL 1,480

XAU/USD formed a lower high at 1,535 after rising to 1,557 at the beginning of September. Gold is currently testing levels below the 50-day MA at 1,494. This is a very worrying development for buyers. The decline below 1,480 will confirm a “Head and Shoulders” pattern and open the way down towards 1,450. The important thing is to wait for the confirmation: we will have to see a daily close below this level. If XAU/USD stays above 1,480, it may try to consolidate in the descending triangle. Recoveries above 1,500 will meet resistance at 1,510 and 1,530. 

XAUUSD.png

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Latest news

USD/CHF may rise a bit

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