XAUUSD

The XAUUSD trades as an indecisive pair with its inconsistent movements lately . Last month we saw how sellers pushed the markets to previous lows . This month we see buyers push the market up. For weeks now we’ve seen the gold trade within level 1750.00 and level 1680.36 .

XAUUSD H4 chart 13 April 2021
XAUUSD H4 chart 13 April 2021

In the chart you may notice how price has found resistance at level 1750.00 about 2 times now. Price has also shown that it has touched support level 1680.36 on 2 different occasions. Thus proving that we’re in a rang. Our analysts at FXSits believe that in order for us to know where price is truly headed one of these level need to be broken.

We believe that our true trend will be defined by either a break bullishly or bearishly. For now we can say that the XAUUSD trades within these level. Because price currently trades at level 1729.41 we believe that level 1724.84 also serves as a support areas for buyers. Provided that buyers push the market up.

XAUUSD Daily chart 13 April 2021
XAUUSD Daily chart 13 April 2021

If price breaks past this level we believe that resistance level 1680.86 will be exposed. For now it seems as if price is struggling to move past 1724.84 . This means we could see 1750.00 being broken soon if buyers push the market up 

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets

Follow Us

Leave a Reply

Your email address will not be published.