Once again gold is acting as safe heaven for the investor as we all know global economy is in the crisis caused by the COVID-19 pandemic. Xauusd(Gold) is trading at 7 years high at 1728 and challenging the recent high at 1747. The short term momentum is really positive on Gold. We could see Gold is challenging 1800 level which is October 2012 high if this pair can breaks the resistance at 1747.
Before moving to 1800 level, we might see pullback on Gold as 4 hour chart showing a horizontal break out. To move the price higher we might see a pullback to 1660-1680 where we might see buyers are steeping out. Our analysts are suggesting its a potential sell zone around 1740-1750 to target 1680 level.
For free Forex education and free Forex signals you guys can join our Telegram channel.
This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.