XAU/USD 25/07: New day buy signal

FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD Gold prices are seeing 'buying' trading early on Tuesday, after finding new buyers just above the critical support area of ​​$1950.

Gold buyers need to be accepted above the 100-day moving average (DMA) resistance turning support at $1,963 on a daily close to extend the recovery from six-day lows.

The next upside hurdle aligns with the $1970 static resistance, above which the May 24 high of $1985 could come into play. The $2,000 threshold will continue to be in the sights of Gold buyers.

Adding credence to the upside potential, the 14-day Relative Strength Index (RSI) edged higher above the midline, heading towards the overbought zone.

I expect a buy strategy around 1950$.
Stop loss around 50pip for each strategy

Related Ideas


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.