Cabana Capitals Blog Forex Broker XAU/USD: Bulls are leading in the game just go and buy it.

XAU/USD: Bulls are leading in the game just go and buy it.

XAU/USD:  Bulls are leading in the game just go and buy it. post thumbnail image

Overview: From the 4 hourly charts we can see that the pair is maintaining its strong bullish side in the market, the pair is showing upside momentum and still trading between all the major and minor EMA lines. The way bulls are reacting it seems like they are approaching the$1950 level. The Short term to the intermediate-term trend is up so in an uptrend market always buy on the dips and covert every correction or retracement as a buying opportunity.

Technical analyst: From the technical perspective, we can see that market is rising up and every swing is making successively higher highs and higher lows. The odds are in favor of bulls and we will keep our view bullish on the pair as long as $1860 the level remains intact. The major support $1860 followed by $1840 whereas and resistance level 1928 followed by $1950.

Also, the pair is rising up by taking the support of an uptrend line which is generating a bullish signal. On 1 hourly chart pair is trading above all the major and minor EMA lines which is a recent development. The TheRSI indicator is showing its level above 50 levels which is favoring the bulls. The MACD indicator is showing a bullish crossover of the zero lines which is also favoring the bulls.

Trade idea: Based on the chart and studies above we would recommend to our traders and investors that go for buy at $1910 target is $1930, $1950 sl is $1880 level.


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