Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
XAU/USD: levels to trade
2019-12-06 • Updated
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.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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