2019-11-11 • Updated
Trade idea
SELL 1,266; TP 1,256.55; SL 1,269
The technical necessity of a downturn was visible in XAU/USD for a long time. Yet, gold made an attempt to strengthen in May but was stopped by resistance just above $1,300. The price is now once again below this key level. Last week’s bearish candlestick on W1 has a long upper wick. This is a negative sign. Both weekly and daily Awesome Oscillators are declining.
The USD has been leading as a safe haven during the last several days, and this situation is likely to continue. Some risks/volatility in this scenario will be related to the publication of the FOMC meeting minutes on Wednesday. The USD will be fine and gold will decline if the minutes are not dovish (if the Fed's members really didn't consider a rate cut).
XAU/USD now has several support levels: 100-week MA at 1,277.25 (now above the price but not far), 1,275.50 (38.2% Fibo of the 2018-2019 advance), 1,266.15 (this year’s lows). It’s possible to trade between these support levels or on the break below the latter).
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Gold prices bounced back on Wednesday, reaching $2,173.60 after briefly dipping to $2,150.00. Traders speculate that the US Federal Reserve (Fed) might reduce borrowing costs, but a recent report showing higher-than-expected inflation in the US could delay such actions. Despite signs of a cooling labor market, the US economy remains robust, with inflation
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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