XAUUSD trading update on 28/10/2019

XAUUSD_M20_28_10_2019

XAUUSD trading update on 28/10/2019

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Technical analysis

 

Following the last update for XAUUSD on 25/10/2019:

XAUUSD update on 25/10/2019

we follow up today with its price actions on the first trading day of the week, in which we saw that the price level at $1,517.97 has been reached last week but quickly rejected and pushed down to the lower price zone at $1,500.72. Today it has been recovering and currently it is trading at $1,507.60 to the time writing this update. In a technical point of view, XAUUSD is now in quite sensitive mode for an up move, so that we have to be carefully with the price level from $1508.50- $1,515.xx, at these price zones, if XAUUSD further denies to break up to the higher level and find support above $1,524.xx, we still see the bearish mode for XAUUSD will continue.


Anyway XAUUSD is now not really in the mood for a down move, hence it will be quite volatile to move in both directions with every sensitive new news released. Therefore for a short term trading strategy, short XAUUSD when it touches again the upper trend line channel at $1,511.60-$1,512.30 and denies there to move higher. Down side zone is that below $1,507.00 becomes resistance, then there is a good sign for a down move.

Take your look at the below depicted chart for a short term trading for more details:

For a long term review for XAUUSD, then pls recheck the post updated on 25/10/2019 for XAUUSD for your reference.



Trade well!

Tradingscenes team

Thông tin thành viên
Forex, stocks, commodities Trader & Markets Analyst. Makkaba Co., Ltd. ST&C

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