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 is trying to make a top
Information is not investment advice
XAU/USD has been consolidating within the narrowing wedge since 2016. It seems like the price is trying to form a top in the upper part of this range and turn lower. The bearish candlestick on W1 with a very long upside wick is a negative sign. A decline below the support at 1,276 (38.2% Fibo of the 2018-2019 advance) will bring the price down to 1,260 (50-week MA) and 1,253 (50% Fibo). The picture will remain bearish as long as gold is trading below 1,302.
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Elizabeth Belugina
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