Gold has strengthened against most currencies, following the Fed interest rate decision. The rally against the USD has been particularly impressive, given the US dollar's weakness in response to the "no-rate-hike" decision. Now, I wonder, if we're going to see a correction down to 1125 or is it going to be a short breather, before price of XAUUSD continues higher to the blue median line. It may not be an easy ride though, because there is a broad resistance area up above, spreading between 1135 and 1150. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Gold is probably not done falling until it meets demand at the support area.
ForceFollower
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alex.a
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Exactly ~ ^_^
ForceFollower
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Thanks for your comment. These things work sometimes very well... :-)
alex.a
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What do you see XAGUSD?
ForceFollower
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Not very clear, but no matter what, I could see no reason to go long silver (OK., there's a higher low, but it's all we have for the bullish reading). I'd be rather looking to short, if not here, then a bit higher. If current swing high holds, I'd looking to TP @ 14.86.
ForceFollower
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Is this parallel trendline going to provide resistance to the rising price of gold?