XAUUSD - XAUUSD forecast - Gold forecast
Updated: Sep 17
Hello Trader, Hope this post finds you well!
XAUUSD refers to the gold CFD against USD. XAUUSD is a US dollar dominated commodity. Whatever happens to US-dollar has high impact on XAUUSD.
XAUUSD is considered to be a highly volatile asset and often traders end up blowing their accounts trying to outsmart this commodity but hey! XAUUSD is smarter and cruel than you.
There are numerous strategies out there claiming to be the best for trading XAUUSD, the sad truth finds light only when you actually try them.
"Opportunities come infrequently, when it rains Gold, put out the bucket not the thimble"-Warren Buffet
If you are looking to trade XAUUSD, below is the analysis for your reference. Do not follow blindly, try to do your own analysis as well.
We are expecting a bearish move for XAUUSD. There are good confluences supporting this opinion.
The price has been rejected nicely from 1897 area (strong resistance for XAUUSD)
Strong rejection for XAUUSD from a major descending trendline
MACD is about to turn Bearish (never trade using MACD in isolation)
Stochastic is Oversold (never trade using any indicator in isolation)
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Good luck! and Happy Trading!
Student of Technical Analysis