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Gold has been moving sideways in the short term. So, if you want to trade it, you should wait for a fresh trading signal. Technically, the yellow metal was somehow expected to grow after escaping from the down channel. But unfortunately, it has failed to jump and closed again above the $1,933 former high.
The upside scenario is still in cards as long XAU/USD stays above the $1,850 and above the downtrend line. A rejection from these levels will bring an upside momentum. Still, a major upwards movement will be confirmed by an increase above the $1,933 level.
A drop below the $1,850 static support signals a deeper drop in the short term. A larger corrective phase, decline, will be announced by a drop and stabilization under the $1,800 level.
Gold could decline if the USD continues to appreciate versus the other major currencies (EUR,GBP, CHF, JPY, CAD, etc). Now gold is trading in a neutral area between $1,917 and $1,850 levels, a downside breakout suggests selling, while an upside breakout from this range signal further growth.
We'll have a great buying opportunity from above $1,933 and a good selling signal if the price drops under the $1,800 psychological level.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
