
Biden Unveils $1.9tn Aid Package
Jobless Numbers Spike The dollar had a choppy session on Thursday. However, it [...]
Gold and US dollar index took no notice of US GDP growth
Gold advanced on Friday while US dollar for Q3 fell despite strong US GDP data for Q3. Majority of investors believe the Fed is to hike the interest rate on December 14 but its next hike may be not soon after that. Will gold prices continue advancing?
On the daily chart XAUUSD: D1 is within the rising channel. It has surpassed the 200-day moving average. Further growth is possible in case of higher demand from world central banks and major hedge funds together with their lower demand for dollar assets.
The bullish momentum may develop in case gold surpasses the last fractal high and resistance of the rising trend at 1280. This level may serve the point of entry. The initial stop-loss may be placed below the three last fractal lows and 5-month low at 1240. Having opened the pending order we shall move the stop to the next fractal low following the Parabolic and Bollinger signals. Thus, we are changing the probable profit/loss ratio to the breakeven point. The most risk-averse traders may switch to the 4-hour chart after the trade and place there a stop-loss moving it in the direction of the trade. If the price meets the stop-loss level at 1240 without reaching the order at 1280, we recommend cancelling the position: the market sustains internal changes which were not taken into account.
Position | Buy |
Buy stop | above 1280 |
Stop loss | below 1240 |
Monday, 31 Oct, 2016 / 2:09
Source : http://www.ifcmarkets.com/en/technical-analysis/xau-usd/2016-10-31
Biden Unveils $1.9tn Aid Package
Jobless Numbers Spike The dollar had a choppy session on Thursday. However, it [...]
Muted Moves In Metals Following Heavy Sell-Off
Gold Following the volatility last week as gold sold off in response to the [...]
Biden’s $1.9 trillion stimulus plan sparks profit-taking
Stock markets drift lower as Biden’s relief plan raises [...]