XAU/USD: general review

FX:XAUUSD   Gold / U.S. Dollar
40 0 0
Current trend

The pair is currently under pressure amid news regarding federal budget resolution for the next fiscal year in the US, as it needs to be approved by Congress. Yet the US President Obama expressed his hopefulness that the document will be passed without any delays and signed within the appropriate period.

Support and resistance

Gold             continues trading within a descending channel . At present, the price reached its lower border at the level of 1131.50. If it manages to overcome this level, the pair continues falling towards 1100.00. At the same time, an upward correction is possible from the bottom border of the channel. A confirmation of a possibility to consider long positions could be a price consolidation above the level of 1137.99.

Support levels: 1131.50.
Resistance levels: 1137.99.

Trading tips

Open short positions after the breakdown of the level of 1131.50 with the target at 1112.55 and stop-loss at 1138.00.
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