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Intraday ideas for XAU/USD

Intraday ideas for XAU/USD

Information is not investment advice

The fundamental picture for gold is positive: the precious metal is a safe haven asset and tends to strengthen during the periods of market uncertainty. Still, its intraday moves can take different directions. After forming a diamond-like top below 1,700, XAU/USD went consolidating between 1,665 (38.2% Fibo of March 9-10 decline; 100- and 50-hour MAs) and 1,642 (200-hour MA). There are also support levels at 1,656 and 1,650. The breakouts of the mentioned levels will determine the short-term dynamic.

Trade ideas for XAU/USD

SELL 1,655.50; TP1 1,650; TP2 1,642.50; SL 1,657

BUY 1,668; TP1 1,672; TP2 1,680; SL 1,666 

XAUUSDH1.png

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EUR/USD: a temporary bottom

On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).

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