Get started

Bullionforex

XAU/USD daily overviewAfter the massive drop caused by the appreciation of the US Dollar on Tuesday, the yellow metal's price traded sideways between two pivot point levels. However, it was about to continue the decline. The reasons for such hypothesis are two. First is the fact that the metal has fully confirmed the breaking of the previous dominant channel up pattern. Second is the fact that the fall of Tuesday revealed a junior channel down pattern. In general, the surge should occur, when the upper trend line of the junior pattern forces the commodity price lower through the support of the weekly PP, which is located at the 1,316.08 level.
FX_IDC:XAUUSDShort
by UnknownUnicorn890690
1
XAU/USD forms junior channel downXAU/USD forms junior channel down During the early hours of new trading session the yellow metal continued to lose value against the buck in a junior descending channel. Basically, the consolidation period might last until the exchange rate will hit the support line of a four-week long ascending channel. A deep plunge below that barrier seems unlikely due to additional support provided by the rising 200-hour SMA as well as the 50% Fibonacci retracement level located at 1,297.00. So, unless the buck gains a momentum from some fundamental event, such as tomorrow’s employment data release, the bullion is likely to test the 1,320.00 level one more time. An allocation of pending orders as well as some technical indicators supports this assumption.
FX_IDC:XAUUSD
by UnknownUnicorn890690
1