We have outlooked several promising Forex pairs and the result can surprise you!
XAU/USD: important technical levels
Information is not investment advice
SELL 1,500; TP 1,490; SL 1,503
BUY 1,510; TP 1,515; SL 1,508
XAU/USD ran into the resistance area around $1,515 which has been limiting the upside since the start of October - gold hasn’t closed above this level on the D1. The price is currently testing support of the 50-day MA at $1,503. The decline below this level should trigger a correction down to $1,490 (support line from October lows). In the short-term, XAU/USD will have another go on $1,515 if it rises above the 50-hour MA in the $1,510 area. A close above $1,515 or a break of $1,520 is needed to open the way up to $1,530.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.