XAU/USD will probably form a Head and Shoulder Pattern
XAU/USD is likely to trade around the 1,900 level until the US election or a stimulus agreement, XAU/USD prices continue to fluctuate as investors weighed the better than expected economic data against the stalled US stimulus talks. XAU/USD , maybe continues to be centered around $1,900 for the time being, with a general lack of direction and momentum. Over the past few weeks, we have seen a number of attempts at the 1,920-30 region, however it always ends up falling back off. That said support between $1,875-95 has been robust, XAU/USD happily floating in a wedge between the 34 ema on the topside and the 90 ema on the downside. This is closing in, so we are looking for a clear break of one of these levels in a technical sense to gauge the next direction. We do not see this happening before the US election or a stimulus agreement however and look to play the range for the meantime.
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