The gold breakout remains in a precarious position with price trading just above long-term uptrend resistance. Today we are presenting the brand new gold chart
Read on for freshly updated gold / XAUUSD 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
Gold chart | Fresh XAUUSD charts
Monthly This pair has made a nice movement up of 1,599 pips and retraced back down a bit. The rsi is in the sell zone. After this pair consolidates it should move down to the .270 at 11.157 which should give 1,298 pips.
Daily shows this pair has crossed an up trend line and is sitting above the .382 at 22.541. The rsi is in the buy zone but skimming along indicating further down move to come. This pair should reach the .382 at 22.541 again giving 113 pips. If it should come down to the .618 at 20.335 this would give 334 pips.
Hourly This pair has dropped down consistently, following a down trend line and resting half way to the .270 at 22.914. It is in consolidation at the moment and the rsi is in the buy zone. Even though the rsi is in the buy zone this pair should come down to the .270 at 22.914 giving 68 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 EURUSD and GBPNZD – it is updated for this week. Let me know your thoughts.
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Gold chart in the news
The $1,789 horizontal resistance might offer a place to pull back, if at all prices remain firm beyond $1,785. Should the optimists refresh the monthly high, an upward sloping trend line from June 24, currently around $1,795, will become an additional upside barrier ahead of $1,800 threshold.
Meanwhile, the safe-haven asset’s U-turn from the present levels may aim for $1,780 whereas a three-week-old support line, at $1,773 now, could challenge the sellers afterward, according to FX Street.
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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Was this article helpful for you? What do you think of the gold chart? I often use Pivot points in my analysis. I have already written an article where I explained in detail how target trading works.
I’d love to know what you thought of this article. Don’t forget to go to our Facebook page and give us a “Like” and leave your comments.
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