XAU/USD: where to next?
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.
XAU/USD: levels to trade
Trade signals
SELL 1,471; TP 1,466; SL 1,473
BUY 1,478; TP1 1,481.50; TP2 1,487; SL 1,477.50
XAU/USD ran into the resistance of the 50-day MA in the 1,481.65 area. The further obstacle on the upside is at 1,487.00 (the 100-day MA, the downtrend line connecting September and November highs).
On the H4, the price is below the 200-period MA at 1,477.25 – the nearest resistance. The decline below the recent lows at 1,471 will open the way down to 1,466 (100-period MA on the H4). Notice that gold is trading within a medium-term downtrend, so selling is much more favorable than buying. Still, there’s some space until the price hits resistance line, so cautious longs are possible above 1,478 targeting 1,481.50 and then, if there’s a daily close above this point, 1,487.
Elizabeth Belugina
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How to trade XAU/USD?
It’s simply the question of time before gold price gets to the higher levels…
XAU/USD at the new highs
XAU/USD rose to the highest levels since 2012. The advance has become stretched and the price may try to correct down.
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