Oil is testing support
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
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.
Elizabeth Belugina
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