GOLD → Risks are rising and so is the price. News ahead!

30 Okt

XAUUSD updates ATH to 2790. This is probably not the limit, but the risks, like the price, are rising ahead of strong news and the US election race.

Gold feels support for several reasons: stopping the rally in DXY (profit taking is possible), positive hints about the Chinese economy, escalating conflict in the Middle East. The dollar stops the rally and forms consolidation for the last few days, which is generally favorable for gold.
The metal is updating the highs and in the current conditions trading is quite simple: we trade either a breakdown of resistance in order to continue the movement, or search for strong support zones, where we can trade price pullbacks.
Today the Nonfarms from ADP, US GDP will be released. This is worth paying attention to. Weaker data can greatly increase volatility and provoke the continuation of metal growth. And vice versa.

Resistance levels: 2789, 2800
Support levels: 2777, 2771, 2758

Gold is in a local correction. Emphasis on strong support zones with the purpose of rebound and continuation of growth. But, we need to watch the news, there may be shake-ups, but the general background for gold is expected to remain favorable.

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

7 hari yang lalu

Trade aktif

Active from 2771
Buy activation in the indicated support zone.
Price reaches ATH (retest is formed)