XAUUSD Trade Idea
Technical:
Price is currently at a great level of support after great buying pressure driven by the Isreal war. After such a large move with little pullback, I think now is the time we will see the pullback before continuing to the upside, at least back to the 2000.00 range.
The Fibonacci 0.5 and 0.618 levels match nicely with a candle that needs filling. This would also take out some of the bulls in the market.
Economic:
US political risks could persist while Fed rate cuts draw near in 2024. This should boost the appeal of gold as a currency debasement and risk aversion hedge. XAU could remain supported in the long term as well as a result.
Price is currently at a great level of support after great buying pressure driven by the Isreal war. After such a large move with little pullback, I think now is the time we will see the pullback before continuing to the upside, at least back to the 2000.00 range.
The Fibonacci 0.5 and 0.618 levels match nicely with a candle that needs filling. This would also take out some of the bulls in the market.
Economic:
US political risks could persist while Fed rate cuts draw near in 2024. This should boost the appeal of gold as a currency debasement and risk aversion hedge. XAU could remain supported in the long term as well as a result.
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