Gold: short-term trade ideas
Everyone is interested in trading gold (XAU/USD). The meeting of the Federal Reserve at 21:00 MT time (GMT+3) will certainly drive the price.
XAU/USD awaits trade info
Information is not investment advice
Market dynamics on Friday will be defined by the risk sentiment and that, in turn, depends on the outcome of the US-China trade talks. While a broad agreement seems unlikely, the market looks ready to cheer even on the minor improvements and reassurances.
There are many ways to trade risk sentiment these days. One of the most attractive bets on the positive outcome of the negotiation is selling XAU/USD. Gold has made two unsuccessful attempts to get above 1,515 in October after forming a lower high in September that still looks quite disturbing for buyers. The decline below 1,490 will open the way down to 1,481 and then potentially to 1,470. Only the advance above 1,515 will bring the level of 1,535 to the table.
Elizabeth Belugina
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AUD/USD began the week slightly higher reaching as high as 0.7725 before declining earlier today to 0.7690’s.
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Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
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