Trade Masters
Market News technical view Trading Signals

Signal Update: GOLD (XAU/USD) Hit Our Profit Target & Setting For Next Up Move to $1,900

Gold (XAU/USD) hit our take profit at $1,800 from our last BUY signal at $1,725 on June, 2020.  Gold has been behaving well during this challenging time and has been trading technically well since our original buy signal back in June, 2019. Looking at the chart, we can see that the chart is well positioned for further upside to our ultimate long term target we mentioned before at $1,900-2,000.  See our chart below for further information on this trade.

GOLD ( XAU / USD )

Gold price traded within a range during the last trading session, closing the day on the lower-end, at the important $1,700 price level. That price level has been important this month as it is a nice round psychological number, which buyers and sellers fighting for control at that level. Price has been fluctuating very tidily +/- 50 points around 1,700. Once price break above/below that trading range, we should get better directional move in gold price.  Looking at the chart, we can see that we are still in a long term uptrend with price trading above rising 50 and 200 day moving averages (red and green lines on chart), that should provide support in case price breaking below current trading range. On the upside, a break and close above the 1,725 level should send gold price to the important historical $1,800 – 1,900 price level. On the downside, a break below 1,650 can send gold price to test long term trend line support level at $1,600.

Related posts

3 BIOTECH STOCKS WINNING THE CORONA VIRUS RACE

Trade Analyst

Signal Update: The Nasdaq 100 (NQ) Hit Our Take Profit Target $10,650

Trade Analyst

New Signal: The Nasdaq 100 (NQ) Strong Performance Should Move It To Our Next Price Target

Trade Analyst

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More