XAUUSD

We last spoke about the XAUUSD on the 8th of February. In that post we mentioned how the pair found support at level 1786.30 . Today the price trades at the same level after sellers decide to push market bearish. Our analysts wonder whether price will find support at this level or will gold break below the level and continue its bearish plans.

XAUUSD Daily chart 17 February 2021
XAUUSD Daily chart 17 February 2021

Looking at the chart you will notice how price previously found support at this level before thrusting bullish for sometime. Fast forward into todays price action we see how price currently trades at the previous crucial support level. Will gold break past this level.? We believe that if price does break past this level we could be in a bearish trend for the gold .

XAUUSD H4 chart 17 February 2021
XAUUSD H4 chart 17 February 2021

However if price does find support at this level then we can expect buyers to push the market back bullish possibly to level 1815.72 or maybe as high as 1841.53 and even further. We believe that this pair currently trades within a range . Level 1867.86 being our resistance level for the range and level 1786.30 being the support.

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.

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