Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
XAU/USD at the new highs
Information is not investment advice
XAU/USD rose to the highest levels since 2012. The advance has become stretched and the price may try to correct down. There’s a cluster of candlesticks above $1,765, they have long lower wicks – a sign that buyers don’t give up. This may lead the price to 1,775. The next resistance will be at 1,780. The slide below 1,765 will meet support at 1,759.
Trade ideas for XAU/USD
SELL 1,764; TP 1,759; SL 1,766
BUY 1,772; TP 1,775; SL 1,771
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
USD/CAD is eyeing 1.2900. What’s next?
Asian equities traded mixed and attempted to shrug off the weak handover from the US where there was a slight negative bias.
Let's trade exotics. The Russian ruble and the Mexican peso may gain some value against the US dollar in the short-term.