XAU/USD has managed to rebound in the last hours, but the upside is under treat as long it stays below the $1,900 psychological level. The yellow metal dropped aggressively in yesterday’s session as the USDX has managed to recover.
Gold is trading at the $1,897 level, yesterday’s drop could be only a temporary one if the rate comes back and consolidates above the $1,900.
Gold comes back to challenge the $1,900 and the triangle’s upside line, the downtrend line. Technically, I believe that only a valid breakout above the median line (ml) of the ascending pitchfork could really validate a broader upside movement.
A false breakout with great separation above the near-term resistance levels could attract more sellers in the short term.
- XAU/USD Trading Tips
Buy another bullish run above the median line (ml), a new higher high. The Stop Loss could be placed below $1,880, while the Take Profit could be placed around the $2,000 level.
Sell a drop below $1,848 former low with a first downside target at $1,800 psychological level.
The material has been provided by InstaForex Company – www.instaforex.com
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