During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
XAU/USD: where to next?
2020-07-22 • Updated
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865. It’s only natural that the price made a stop: market players decided to take profit, so gold returned to $1 850. The precious metal is obviously overbought in the short-term, so there are reasons to expect at least a moderate correction to $1 838.50 (38.2% Fibonacci retracement of the resent leg up). The further support levels are at $1 830 and $1 821.50. We’ll consider buying on the dips if XAU/USD moves to these levels.
Fundamentally, we expect gold to remain in demand. If XAU/USD rises above $1 865, $10 dollars will be a reasonable profit target.
Trade ideas for XAU/USD
BUY 1 860; TP1 1 865; TP2 1 875; SL 1 858
SELL 1 847; TP 1 839; SL 1 850
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...