Gold price sets off December on a positive note, at the highest levels in two weeks, as heads toward $1,800, FXStreet’s Dhwani Mehta notes.
Break below $1,766 could trigger a fresh downswing
“Bulls need to cross the $1,780 round figure on a sustained basis if they look to retest the three-month highs at $1,787. The next relevant upside target aligns at the $1,800 threshold.”
“Alternatively, the previous day’s low at $1,766 could limit any retracements from higher levels. A break below the latter could trigger a fresh downswing toward the triangle resistance-turned-support, now at $1,757. The bullish 21-Simple Moving Averages (SMA) at $1,755 will challenge buyers’ commitments before testing the $1,750 psychological level.”
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Getting accurate market update and analysis is key factor to achieve professional level of trading. Keep visiting our currency section to get perfect overview of trading market. We provide accurate trading forecast to our page visitors.
We use technical summary which provides overlook of market situation. These are parameters to identify market condition and direction. Traders required comprehensive analysis to spot a right trade.
A currency correlation is a gradation by which one pair have relation to another pair. The currency correlation is characterized on a numeric scale ranging from -1 to +1, in the same manner as the correlation coefficient. The values of numeric included in a currency correlation show the level of association.
XAU/USD SELL SIGNAL
- Entry point = 1782.875
- Exit point (Take profit) = 1775.875
- Exit point (Stop loss) = 1787.875
STATUS: CLOSED 70 PIPS PROFIT @1775.875