Chart of the day: XAU/USD
|Gold bulls have been fooled into longs up at these levels on a few occasions since early summer. The difference today vs those other attempts as we have now broken a descending trend line that is drawn from the highs from August 2020 to today. Now, a sustained break (or daily close above) of the 1835 XAUUSD spot market could allow for a short squeeze towards the 1864 level, the 127% extension of the last move lower in Sept/October.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.