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XAU/USD offers trade opportunities

XAU/USD offers trade opportunities

Information is not investment advice

The advance of XAU/USD has become overly stretched. Gold has already made big gains during the recent days and gone far away above the daily moving averages. This increases the odds of a correction to the downside. However, the markets await the release of the US Nonfarm Payrolls at 15:30 MT time today. The USD is extremely data-sensitive right now, and so is gold.

XAU/USD is currently consolidating within a triangle on H4 offering a perfect opportunity to trade on a breakout to either direction. The upside is more in line with the negative sentiment the market has about the USD these days. If this scenario realizes, gold will test February highs. However, if the US figures surprise in a positive way, XAU/USD will pull back down.

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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.

Is gold ready to shoot up?

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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