We seen a nice bullish push last week from XAU amid fears of a second wave of COVID-19. XAU is a safe haven that will hold its value, even if there is another virus outbreak which will see particular currencies take a hit due to trade/business restrictions and a possible lockdown. On the technical side of things, we seen price breakout out of resistance - RSI also indicating there is also certainly more room for this pair to go up. Fundamentally and technically it makes perfect sense to take long positions, but where? I would personally look for longs @ and if it makes previous broken resistance new support. We and all of the members in our trading group will certainly have an eye on this pair next week!
Comment:
Of course be careful with entries if you decide to trade this pair. Will be very volatile - also we don't know how far price will retrace before pushing again. Let's see....