GOLD is on a Bullish longterm. Monthly still Bullish.
XAU/USD: in perspective — continued asset growth
The current dynamic
Gold prices are growing and traded at the level of $1842 per ounce.
For the second consecutive day, the instrument has the upward trend of corrective. The initial momentum for positive momentum was given by the significant decline in the US dollar index which is inversely correlated with the precious metal.
Since Monday, the index has dropped from 91,120 to the current 90,300.
Yesterday, the shares received support after the publication of results of the placement of U.S. 3-year Treasuries, whose profitability fell sharply, to 0.196%, instead of 0.234% in the previous auction. Today, the placement of 10-year Treasury bonds will be held and, if the result will also fall below the profitability of the previous auction at 1.164%, gold can continue the upward trend.
Levels of support and resistance
The quotes have returned within the boundaries of the previously past side channel, posting above the helpline. The technical indicators are in the purchasing phase.
Resistance levels are: 1850.0, 1875.0.
Support levels are: 1830.0, 1785.0.
Trading scenarios
In case of asset continue global growth and also, the price to be fixed above local resistance at level 1850.0, the purchase positions with objective in 1875.00 will be current. We recommend placing Stop Loss order at level 1830.0. The lead time is: 3 days.
If the asset reverses and the corrective descent continues and the price is below support at level 1830.0, the sales positions with goal in 1785.0 will be current. We recommend placing Stop Loss order at level 1850.0.
Good luck for your trades.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market.
But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
XAU/USD: in perspective — continued asset growth
The current dynamic
Gold prices are growing and traded at the level of $1842 per ounce.
For the second consecutive day, the instrument has the upward trend of corrective. The initial momentum for positive momentum was given by the significant decline in the US dollar index which is inversely correlated with the precious metal.
Since Monday, the index has dropped from 91,120 to the current 90,300.
Yesterday, the shares received support after the publication of results of the placement of U.S. 3-year Treasuries, whose profitability fell sharply, to 0.196%, instead of 0.234% in the previous auction. Today, the placement of 10-year Treasury bonds will be held and, if the result will also fall below the profitability of the previous auction at 1.164%, gold can continue the upward trend.
Levels of support and resistance
The quotes have returned within the boundaries of the previously past side channel, posting above the helpline. The technical indicators are in the purchasing phase.
Resistance levels are: 1850.0, 1875.0.
Support levels are: 1830.0, 1785.0.
Trading scenarios
In case of asset continue global growth and also, the price to be fixed above local resistance at level 1850.0, the purchase positions with objective in 1875.00 will be current. We recommend placing Stop Loss order at level 1830.0. The lead time is: 3 days.
If the asset reverses and the corrective descent continues and the price is below support at level 1830.0, the sales positions with goal in 1785.0 will be current. We recommend placing Stop Loss order at level 1850.0.
Good luck for your trades.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market.
But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Trade closed: target reached