Last chance to buy XAUUSD
Updated
As i previously published i remain long on GOLD for many reasons,some of them explained.We have a good correction after the last rally of gold.
As we cansee it bounced down from the medium-term trendline that it has been tested a lot times since 2016.
Plus a stronger dollar after Trump speech and more aggresive rate hike announced by fed pushed down gold.
But we have the critical 61.8 fib level and the current trend line that creates a strong support at 1217-1225 level.
As second support we have the psychological level of 1200 dollars that it's quite possible because of negative correlation with dollar and rates.
After this bounce at these supports climb aboard for the rally that it will attract more buyers to pass the 1250-1260 level.
Happy trading guys
As we cansee it bounced down from the medium-term trendline that it has been tested a lot times since 2016.
Plus a stronger dollar after Trump speech and more aggresive rate hike announced by fed pushed down gold.
But we have the critical 61.8 fib level and the current trend line that creates a strong support at 1217-1225 level.
As second support we have the psychological level of 1200 dollars that it's quite possible because of negative correlation with dollar and rates.
After this bounce at these supports climb aboard for the rally that it will attract more buyers to pass the 1250-1260 level.
Happy trading guys
Note
And because i recveived a lot of mails from customers about upcoming FED's meeting on rates,i want to adress you a question to make you think.Who told you that the present dip of gold it's not also due to Yellen's speech about rates and most of this increase is now priced in to gold price.Comme on guys pls think..Market is always ahead of facts..Happy trading
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.