Vantage FX
VantageFx Representative
- Messages
- 174
Chart of the Day:
With all the Forex action lately, Gold Trading hasn’t been given the attention it deserves. Today’s chart of the day takes a look at XAU/USD.
Gold Weekly:
Click on chart to see a larger view.
The Gold weekly chart sees price still buzzing around the major support/resistance zone between 1156 and 1208. With the Fed pushing back interest rate hikes, the break below this major level couldn’t be sustained and we’ve rallied back up to re-test the zone this time as possible resistance.
Gold Daily:
Click on chart to see a larger view.
Zooming into the daily chart, we see a few short term channels and triangles being broken and respected. The short term bullish channel is still in play, with price pushing towards the upper line and coinciding with the marked horizontal level where price reacted before.
I don’t want to fight this new found bullish momentum and am looking to play from the long side on pullbacks while price is above 1156. Just keep in mind the possible re-test of the weekly support/resistance zone.
Do you see opportunity in Trading Gold?
With all the Forex action lately, Gold Trading hasn’t been given the attention it deserves. Today’s chart of the day takes a look at XAU/USD.
Gold Weekly:
Click on chart to see a larger view.
The Gold weekly chart sees price still buzzing around the major support/resistance zone between 1156 and 1208. With the Fed pushing back interest rate hikes, the break below this major level couldn’t be sustained and we’ve rallied back up to re-test the zone this time as possible resistance.
Gold Daily:
Click on chart to see a larger view.
Zooming into the daily chart, we see a few short term channels and triangles being broken and respected. The short term bullish channel is still in play, with price pushing towards the upper line and coinciding with the marked horizontal level where price reacted before.
I don’t want to fight this new found bullish momentum and am looking to play from the long side on pullbacks while price is above 1156. Just keep in mind the possible re-test of the weekly support/resistance zone.
Do you see opportunity in Trading Gold?