XAU/USD: a short-term trade

XAU/USD: a short-term trade

2019-11-18 • Updated

Trade idea

SELL 1,460; TP 1,451; SL 1,463

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4: the price made two attempts to overcome this area and all of them failed. The price formed a lower high and the price action strongly resembles a “Head and Shoulders” pattern. The decline below $1,460 will open the way down to the $1,450 area, according to the size of the pattern. An advance above $1,468 is needed for buyers to return to power.

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