• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

XAU/USD – Signals and Levels to Keep in Focus

Forex Tips by Forex Tips
July 6, 2020
in Technical Analysis
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


XAU/USD Technical Analysis

  • Gold’s rally on hold as markets recover risk appetite
  • Bullish signals on XAU/USD price chart

Gold Price – Hesitant Bulls

On Wednesday, Gold made an over seven and a half-year high at $1,789 then retreated after as some bulls seemed to cut back. On Friday, the price closed the weekly candlestick with a Doji pattern highlighting the market indecision at this point.

Last week, Gold rallied amid doubt of fast global recovery due to rapid rises in coronavirus cases in the US and elsewhere. Nonetheless, positive news about Coronavirus vaccine trials revived hopes of a V shape recovery, and the stronger than expected US job report kept investor’s spirits high.

Gold DAILY PRICE CHART (April 1, 2019 – July 6, 2020) Zoomed out

Gold daily chart price 06-07-20 Zoomed out

Gold Forecast

Gold Forecast

Recommended by Mahmoud Alkudsi

Get Your Free Gold Forecast

Gold DAILY PRICE CHART (April 7 – July 6, 2020) Zoomed In

Gold daily chart price 06-07-20 Zoomed in

On June 22, the price broke above the upper line of bullish rectangle marked on the chart eyeing a test of $1,824. Additionally, the price climbed to the current trading zone $1,752 -$1,796.

A close below the high end of the zone signals bull’s hesitation and may lead some of them to exit the market and press Gold to fall towards $1,685. A further close below that level could send the price even lower towards $1,635.

On the flip side, a close above the high end of the zone reflects a stronger bullish sentiment and this may cause a rally towards $1,859.

Building Confidence in Trading

Building Confidence in Trading

Recommended by Mahmoud Alkudsi

Building Confidence in Trading

Gold Four-HOUR PRICE CHART (June 11 – July 6, 2020)

gold four hour price chart 06-07-20

On June 19, XAU/USD broke above the downtrend line originated from the June 11 high at $1,744, and resumed bullish price action. Currently, the price trades above the uptrend line originated from the June 26 low at $1,747 therefore, any violation of this line would generate a bearish signal.

To conclude, a break above the $1,803 handle could increase the likelihood of testing $1,824. On the other hand, any break below $1,744 could send Gold towards $1,721. That said, the weekly resistance and support levels underscored on the four-hour chart should be considered.

Traits of Successful Traders

Traits of Successful Traders

Recommended by Mahmoud Alkudsi

Traits of Successful Traders

Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi





Source link

Share76Tweet47

Related Posts

S&P 500, Dow Jones & Nasdaq 100 Charts – Continuing to Channel Higher

S&P 500, Dow Jones & Nasdaq 100 Charts – Continuing to Channel Higher

by Forex Tips
January 20, 2021
0

U.S. Indices Technical Highlights:S&P 500 continues to work its way higher within a channelDow Jones treading water in record...

AUD/JPY, EUR/JPY Poised to Gain Ground

by Forex Tips
January 20, 2021
0

Japanese Yen, AUD/JPY, EUR/JPY, JPY Technical Analysis, IGCS – Talking Points:Inverse Head and Shoulders bottom hints at further gains...

Loonie’s Wings Clipped? Levels for CAD/JPY, USD/CAD

by Forex Tips
January 19, 2021
0

Canadian Dollar Forecast Overview:The Canadian Dollar has struggled to recapture bullish momentum as FX markets continue to rebalance US...

New Zealand Dollar Technical Analysis: AUD/NZD, NZD/JPY, NZD/USD

by Forex Tips
January 19, 2021
0

New Zealand Dollar, AUD/NZD, NZD/JPY, NZD/USD, Technical Analysis – Talking Points:NZD/USD eyeing a push to key support at the...

Our data shows traders are now net-long France 40 for the first time since Dec 22, 2020 when France 40 traded near 5,477.70.

Our data shows traders are now net-long France 40 for the first time since Dec 22, 2020 when France 40 traded near 5,477.70.

by Forex Tips
January 19, 2021
0

Number of traders net-short has decreased by 11.14% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.