Gold Attractive Again?
XAU/USD is trading sideways between $1,850 and $1,917 levels. It is located within a descending channel, but the failure to approach and reach the downside line signals bullish upside pressure.
Further growth and a breakout above $1,917 signals an important growth in the upcoming weeks, while a drop below $1,850 suggests selling as the price of gold should approach and reach the $1,800 psychological again.
- GOLD Trading Tips
Buy Gold again if the price reaches the $1,920 level. The $2,000 and $2,075 levels could be used as upside targets.
Sell if the price drops below $1,850 level with a first downside target at $1,800 level. The major downside target remains at the channel’s downside line.
The material has been provided by InstaForex Company – www.instaforex.com