XAU/USD quotes have become stable after a prolonged rally. At the moment, the trading instrument is stable. The current technical pattern signals a possible correction. In the trading instrument, a classic pattern of Price Action, Inside Bar (H1 timeframe), has been formed. At the moment, the local support and resistance levels are 1790.00 and 1802.00, respectively. We recommend paying attention to this situation.
If the price fixes below 1790.00, XAU/USD sales should be considered. The nearest goal for profit-taking is 1780.00. The movement is tending to 1770.00-1760.00. When following positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account