XAU/USD: an attempt to recover
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Trade idea
BUY 1,468; TP1 1,472; TP2 1,476; SL 1,466.50
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461. The price has managed to break above the short-term downtrend line, MAs on the H1 support it. If gold rises above $1,467, it will bottom and have scope to strengthen to $1,472.35 (38.2% Fibo of November decline) and $1,476.40 (50-period MA on H4). We don’t count on further advance for now, as XAU/USD will run into the resistance of the 100-day MA at the mentioned levels. On the downside, a fall below $1,459 is needed to open the way to $1,446.
