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XAU/USD: important technical levels

XAU/USD: important technical levels

Information is not investment advice

Trade ideas

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. 

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XAU/USD: where to next?

XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.

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XAU/USD: how about a buy trade?

XAU/USD formed a “hammer” candlestick on the D1 ahead of the 100-day MA. The price made a higher low on the H4 and now only the resistance at $1 877 separates the precious metal from further gains.

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