Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
Gold (XAU/USD) still pointing to post further gains
2019-11-11 • Updated
Gold has been trying to consolidate its price action well above the 200 SMA at H1 chart and we can see that a corrective move could take place towards the Fibonacci level of 50% at 1313.47. Around that area, a rebound is likely to happen in order to extend gains toward the Fibonacci target of -23.6% at 1331.32. To the downside, a breakout below 1309.84 could expose the 1306.54 level, ahead of 1301.35, where are located the lows from May 1st.
RSI indicator stays slightly in the negative territory, favoring to the corrective move.
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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...