Trading signals

XAU/USD

XAUUSD

The increased demand for safety sent the gold higher. The mounting coronavirus concerns and a slow global economic recovery are two reasons which support the metal. 

 

The main scenario is a drop towards 1940.

An alternative scenario is a strengthening to the 1970 resistance.

 

Trading recommendations

 

The level 1950 would have to be broken before traders could drive the spot towards 1940.

If the bulls do manage to break the 1960 zone then the 1970 resistance could be tested.

 

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