Get started

Xauusd4h

GOLD buy 24/2/2023 Gold price has paused its four-day losing streak just below the $1,825 level, looking for a renewed upside amid a subdued US Dollar performance so far this Friday. The US Treasury bond yields are struggling at higher levels, allowing Gold bulls to come up for the last dance. Gold price remains vulnerable after breaching the key January 5 low at $1,825 support. Gold bears keep their eyes on the seven-week low of $1,819 before testing the falling trendline support at $1,801. The 14-day Relative Strength Index (RSI) is trading well below the midline, suggesting the downside potential remians intact, thus far. for now. A bear cross is in the making, as the 21-Daily Moving Average (DMA) is on the verge of cutting the 50 DMA from above. Confirmation of the bearish crossover could add credence to the downside in the Gold price. On the flip side, any recovery will need acceptance above the previous day’s high of $1,834 to gain additional traction. The next stop for Gold bulls is seen at the weekly high of $1,848, above which the $1,850 psychological level could offer stiff resistance. Support levels: 1,811.30 1,797.45 1,782.90 Resistance levels: 1,834.00 1,845.99 1,860.00 Trading recommendation: Buy 1820 - 1818 Stop Loss: 1815 Take profit 1: 1830 Take Profit 2:1835 Take profit 3: 1840 sell 1843 - 1845 Stop loss 1858 Take profit 1: 1840 Take profit 2: 1835 Take profit 3: 1830 Note: Always set TP and SL in all trading cases
OANDA:XAUUSDLong
by DNAchampions
2
Gold trading strategy on 24/2/2023 - Great buying opportunityGold price licks its wounds near $1,825, after refreshing the yearly low during a four-day downtrend in the last. The yellow metal seems to cheer a retreat in the United States Treasury bond yields and the US Dollar. The XAU/USD pair pressures the aforementioned low, down for a fourth consecutive day but without signs of downward exhaustion. The daily chart shows that the pair keeps sliding below a firmly bearish 20 SMA, while the 100 SMA has lost its bullish strength, currently at around $1,789.15. Meanwhile, technical indicators hold within negative levels, the Momentum posting a modest advance, but the Relative Strength Index (RSI) maintaining its downward slope near oversold readings. In the near term, and according to the 4-hour chart, bears have full control of the pair. It trades below all bearish moving averages, with the 20 SMA providing resistance at $1,834.00. The Momentum indicator remains directionless, just below its 100 level, while the RSI indicator heads south at around 36, in line with another leg lower. Support levels: 1,811.30 1,797.45 1,782.90 Resistance levels: 1,834.00 1,845.99 1,860.00 Trading recommendation: Buy 1820 - 1818 Stop Loss: 1815 Take profit 1: 1830 Take Profit 2:1835 Take profit 3: 1840 sell 1843 - 1845 Stop loss 1858 Take profit 1: 1840 Take profit 2: 1835 Take profit 3: 1830 Note: Always set TP and SL in all trading cases
OANDA:XAUUSDLong
by DNAchampions