XAUUSD update on 31/10/2019

XAUUSD_H4_31_10_2019

XAUUSD update on 31/10/2019

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Technical Analysis

After the rate cut of 0.25 basis point by the Fed yesterday, Gold was but quickly falling vs. the USD to the lower price level at $1,481.200 USD/ounce, and then has bounced up to $1496.xx USD/ounce again short before the close of U.S. trading session.  Technically we still see that at H4 TF XAUUSD buyers still want to protect the $1,488.xx USD/ounce price level, in which at that price zone, more demands appeared, although Fed signalising that there will be a pause for a further rate cut cycle.


Today our technical analysis indicates that the price zone of $1,500.00 USD/ounce is still as fighting zone; any break up that $1,500.00 USD/ounce price handle (50.0% fibs) could lead the price action to the next resistance zones at $1,508.50 to $1,510.50 USD/ounce (78.6% fibs) for an intraday trading basis. Take your look at the depicted charts below for more references:

H4 TF:

For an intraday trading strategy, there are some entry levels at support zones: $1,496.50 and $1,496.00, if the price pullback to these zones and heading up again, go long with it. Take your look at the lower depicted chart at lower TF for more references:



 

Trade well!

Tradingscenes team

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

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