11th Sep, Gold trading plan
XAU/USD, gold spot to USD (CFD)
Key resistance level is 1500. A breach of this level may invites bull towards 1515 and 1527. At current price 1495, it's possible the breakout from channel is fake and hence may invites bear towards 1460 levels if it broke previous support of 1484. Bull rebound only confirm if it passes 1497/1500 and close above this key area.
Premise on the bull rebound is improving RSI and MACD after sell off. This indicates bulls are regaining some foot on the gold spots.
The ECB meeting tomorrow is expected to reduce further the interest rate into negative territory. The meeting could serve as a potential catalyst (for gold) and investors are already buying into the rate cut expectations.
Key resistance level is 1500. A breach of this level may invites bull towards 1515 and 1527. At current price 1495, it's possible the breakout from channel is fake and hence may invites bear towards 1460 levels if it broke previous support of 1484. Bull rebound only confirm if it passes 1497/1500 and close above this key area.
Premise on the bull rebound is improving RSI and MACD after sell off. This indicates bulls are regaining some foot on the gold spots.
The ECB meeting tomorrow is expected to reduce further the interest rate into negative territory. The meeting could serve as a potential catalyst (for gold) and investors are already buying into the rate cut expectations.
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