Our free forex signals service trade today is a buy oder on gold. The price of gold rebounded in the short term but it has found resistance around 1812.43 former high, so now it has slipped lower again. XAU/USD rallied in the short term also because the Dollar Index is into a corrective phase.
Fundamentally, Gold could jump higher if the risk-off sentiment will dominate the markets in the upcoming period. As you already know, XAU/USD dropped as the Federal Reserve is somehow expected to hike rates after higher inflation reported by the US.
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New COVID-19 Variant Attracts More XAU/USD Bulls!
As you already know, a new Coronavirus variant shook the financial markets. Gold was into a corrective phase, so a temporary rebound was somehow expected. XAU/USD is used as a safe-haven asset, so the yellow metal could develop a new leg higher if the health crisis worsens.
Technically, the price of Gold has found support on the immediate uptrend line and now it has rebounded. It’s trapped within a minor up channel. Staying above the uptrend line and making a valid breakout through the 1812.43 could activate an upside continuation. In the short term, it’s also trapped within a range pattern, between 1812.43 and 1782.07 levels. Escaping from this range could bring new opportunities and a clear direction.
Free forex signals – BUY GOLD at 1816.83
Free forex signals entry price and takes profit
Instrument: GOLD (XAU/USD)
Order Type: BUY STOP
Entry price: 1867.26
Stop Loss: 1778.09
My Risk: 1%
Risk / Reward Ratio: 1: 1.3
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