Our free forex signals service trade today is a buy order on XAU/USD.
The price of gold dropped in the short term but the upside pressure remains high. The yellow metal slipped lower as the Dollar Index has managed to resume its upwards movement. XAU/USD could register sharp movements later around the US economic data publication.
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In the short term, Gold moves somehow sideways above strong downside obstacle. XAU/USD could test and retest the immediate support levels trying to accumulate more bullish energy before developing a new leg higher.
On Friday, the US CB Leading Index registered a 0.8% growth matching expectations, helping the USD to resume its appreciation. When the US Dollar grows, XAU/USD could drop.
US Flash Manufacturing PMI and Flash Services PMI In Focus
Later, the US data could be decisive and could bring high volatility on the price of gold as well. The Flash Services PMI is expected to drop from 57.6 to 54.9 points, while the Flash Manufacturing PMI may drop from 57.7 to 56.9 points.
Technically, as long as it stays above the ascending pitchfork’s lower median line (lml) and above 1,834 – 1,831, XAU/USD could climb towards fresh new highs.
Free forex signals – BUY GOLD at 1,844.89
Free forex signals entry price and takes profit
Instrument: GOLD (XAU/USD)
Order Type: BUY STOP
Entry price: 1,844.89
Stop Loss: 1,824.87
My Risk: 1%
Risk / Reward Ratio: 1:1.7
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