XAU/USD is testing support

XAU/USD is testing support

Trade idea

SELL 1316; TP 1309; SL 1319

BUY 1322; TP 1326; SL 1320

XAU/USD formed a pin bar on W1 — such candlestick usually marks a reversal to the downside. On H4, the price has already formed a lower high and is testing support line from November in the 1318 area. The decline below this support will confirm a “Double top” and send gold towards 1309 (200-period MA).

The return above 1321 is needed to open the way back up to 1326 and 1330.  

XAUUSD.png

Similar

XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

Latest news

The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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