Hello, Traders! Monfex is at your service and today we overview XAU/USD.
What do you expect from Gold?
The classic pattern inverted Cup & Handle here. And XAU for now at the support zone 50% Fibonacci. Expect fallin at the 61.8% level and testing of 50% and in this moment it will be the best place to open short position.
The resistance zone ~ $1518-1520
The local resistance zone ~ $1498-1500
The support zone ~ $1461-1462
The local support zone ~ $1479-1480
Supposed Trade Signal by XAU/USD
Sell near $1479-1480
Take profit ~ $1435 , $1402
Stop loss at $1504
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Disclaimer This report is for information purposes only and should not be considered a solicitation to buy or sell any trading assets. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.