The extension of last week’s rally in the yellow metal is mainly driven by the sell-off in the US dollar across the board, in the wake of US-China trade war relief and escalating US riots.
Read on for freshly updated gold / XAU USD charts.
Although the market is in downturn, it doesn’t mean you can’t be in an upturn and make great money in the current market. Just be smart and stay calm. I have had amazing results on my own account. Here I will share with you what I think the next few weeks will look like in the forex market. Yes, it’s a very tough market, but I’m sure we can bring it around to our advantage.
Today I will have a closer look at
- XAU USD
Gold | Fresh XAU USD charts
May 31, 2020
Monthly This pair has made a nice movement up of 5941 pips and it looks like it is still on the upswing. The rsi is in the sell zone, however it is definitely pointed upward and will move up a little further before it is ready to retrace back down. This should help it to get to the .270 at 1941.69 which would give 1980 pips.
Daily shows this pair is ranging between 1764.60 and 1680.57. At the moment it is in an upswing and if it reaches the top of the range, that would give it 282 pips, should it break this range and continue to the .270 that would give 836 pips. The rsi is in the buy zone but appears to be wanting to skim along instead which should let it move up to at least the top of the range.
Hourly This pair is definitely in the upswing and ready to climb more after already climbing 295 pips. The rsi is in the buy zone and on the way up to the sell zone. If it should reach the .270 that would give 95 pips.
April 23, 2020 Update
Monthly shows this pair ran up to the .786 at 2.09568 and then came down below the .618 and currently is at 1.94297. This rsi is in the sell zone which should mean further down action. If this pair goes to the .382 at 1.83108 this would give 1,149 pips.
Daily shows this pair had a large down movement crossing the first up trend line at the .236 at 1.97769 and sitting just above the second up trend line. The rsi is in the buy zone but has been skipping up and down on the buy zone. Should it break through the second trend line and land on the .270 at 1.92253 that would give 213 pips.
Hourly shows this pair had a large downward movement, consolidated and then started moving back up to the .236 at 1.94535. It is just sitting below the .236. The rsi is in the sell zone and if it moves to the .270 at 1.92682 that would give 156 pips. If it moves the 28 pips back up to the .236 then it should continue to the down trend line at around the .382 at 1.95056 giving 89 pips.
April 23, 2020 Update
Monthly shows this pair has been steadily climbing up for some time. It seems to be heading for the .270 at 1914.92. The rsi has dipped below the sell zone and appears to be headed back up which would give 1,929 pips.
Daily shows this pair has made consistent moves up, almost hitting the 1.618 and has dropped back down and consolidated. It appears to be heading back up to the 1.618 and with the rsi in the buy zone this would give 379 pips.
Hourly this pair has broken through the .270 at 1731.15 and dropped back down to 1723.44 crossing the up trend line. The rsi is in the sell zone, however it is definitely pointing further down indicating more down movement. If it does move down it should not be enough to reach the .236 at 1705.67 which would be 171 pips. If it gartley’s back up and recrosses the up trend line and reach the .270 this would give 79 pips.
April 16, 2020 Update
Monthly shows this pair has made a bear candle since the last posting and is sitting back on the .618 at 1.98650. The rsi is in the sell zone and when it decides to make a move down to the .382 at 1.83108 this will give 1,495 pips.
Daily shows this pair broke bearish and through the .236 at 2.02348 and the .382 at 1.99103 dipping just below the .500 and gartleyed back just above it at 1.96582. with the rsi in the buy position and looking to move soon it should come back up to the .236 at 2.02348 giving 498 pips.
Hourly shows this pair made a huge bear movement breaking through the .236 at 1.97404 and an up trend line. The rsi is in the buy zone, however shows a distinct pointing downward still indicating more down movement to come. The rsi seems to want to skip along in the buy zone before it moves to the sell zone. If it comes down to the .786 at 1.97404 this would give 102 pips. If it should continue to support at 1.95865 this would give 148 pips.
What to do next?
It’s time to boost your trading account with some signals that I really believe in. I also shared the best trading ideas for EUR USD and GBP/NZD – it is updated for this month. Let me know your thoughts.
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XAU USD in the news
Friday’s US President Donald Trump’s speech on China’s forceful national security legislation on Hong Kong was softer-than-expected and did not target the trade relationship between the two countries.Therefore, the risk appetite returned and killed the haven demand for the greenback, which in turn benefitted gold, according to FX Street.
Gold markets have rallied significantly during the trading session on Friday, breaking above the top of the shooting star from the Thursday session.
That being said, we still see a significant amount of resistance in the region of $1750, extending all the way to the $1760 level.DailyForex
Spot gold climbed 0.7% to $1,737.48 per ounce. Prices earlier rose 1% to hit an over one-week high of $1,744.19.
Gold gained on Monday supported by increasing friction between Washington and Beijing and protests in the United States over racism, however, hopes of a potential vaccine to fight COVID-19 capped bullion’s ascend.CNBC
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