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 / 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 chart | Fresh XAU USD charts
Monthly This pair has made a nice movement up of 9049 pips – 1/2 way to the .270 at 2332.45. The rsi is in the sell zone and appears it is almost ready to head down to the buy zone. This pair is consolidating at the moment and once it comes out of consolidation this pair should move down in a retracement to the .236 at 1850.71 which should give 553 pips. If it should come down to the .382 at 1712.52 this would give 1966 pips.
Daily shows this pair has come down to the .236 at 1907.48, is in consolidation and has broken through the up trend line. The rsi has just left the sell zone and is headed down to the buy zone which should bring this pair to the .382 at 1861.80 and give 398 pips. If it continues to the .618 at 1788.48 this would give 1141 pips.
Hourly This pair has broken the range it was in making 779 pips. It has retraced up to the .236 and appears it will go to the .382 at 1917.56 giving 137 pips. The rsi is in the buy zone and appears ready to start heading up to the sell zone. If this pair goes to the .618 at 1938.78 this would give 352 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 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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