Outside Bar on XAU/USD

Outside Bar on XAU/USD

Gold prices have become stable after prolonged growth. At the moment, XAU/USD quotes are consolidating. The current technical pattern signals a possible correction. A classic pattern of Price Action, Outside Bar, (D1 timeframe), has been formed in the trading instrument. At the moment, XAU/USD quotes are testing local support at 1875.00. We recommend paying attention to this situation.

If the price fixes below 1875.00, a correction movement is expected. The nearest goal for profit-taking is 1845.00. In the medium term, a trading instrument may reach the 1790.00-1745.00 zone. Confirmations and entry points to the market should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustMarkets 2020.10.07

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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