Gold prices are now on track for the best week since the middle of March and retail trader bets are starting to shift towards downside exposure. Is this a bullish signal for XAU/USD?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.The Euro appears to have a trend unfolding against the US Dollar, but ranges might be in play against the Japanese Yen and Swiss F...are up over 2.
On the daily chart below, gold has continued to bounce off the February low of 1804.78, subsequently confirming a break above the midpoint of the Fibonacci retracement level of 1848.37. That is placing the focus on the 1884.89 inflection point as immediate resistance with the 50-day moving average nearing just above that.
There has been a bearish Death Cross in play between the 50- and 200-day moving averages since September, which is underscoring a broader bearish technical bias. If the moving average holds, key support below is the February low. Taking it out will open the door to resuming the downtrend.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. Any and all information provided by FXP is not intended for use by U.S. residents or individuals domiciled in the U.S.
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