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XAU/USD: levels to trade

XAU/USD: levels to trade

Information is not investment advice

XAU/USD ran into the resistance of the 50-day MA in the 1,481.65 area. The further obstacle on the upside is at 1,487.00 (the 100-day MA, the downtrend line connecting September and November highs).

XAUUSDDaily.png

On the H4, the price is below the 200-period MA at 1,477.25 – the nearest resistance. The decline below the recent lows at 1,471 will open the way down to 1,466 (100-period MA on the H4). Notice that gold is trading within a medium-term downtrend, so selling is much more favorable than buying. Still, there’s some space until the price hits resistance line, so cautious longs are possible above 1,478 targeting 1,481.50 and then, if there’s a daily close above this point, 1,487.

XAUUSDH4.png

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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.

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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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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.

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