• Sept 30, 2024
  • Trade ideas

XAUUSD: Fast-Paced Action

XAUUSD, M30

XAUUSDM30.png

On the M30, XAUUSD formed a descending channel pattern in the short-term decline after ATH. Price reached the upper trend line and tested significant resistance and MA50. At the same time, a divergence has formed on RSI.

  • If Gold breaks the trend line and MA50 above 2660, the upside will be to 2670 and then to 2682;
  • A rebound from the trendline will drop XAUUSD to 2645;
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt