XAU/USD is the currency pair that represents the exchange rate of gold (XAU) to the US dollar (USD). Trading XAU/USD involves speculating on the direction of the price of gold in relation to the US dollar.
The price of XAU/USD is affected by a variety of factors such as global economic conditions, inflation, central bank policies, geopolitical events, and supply and demand. As such, XAU/USD is often seen as a safe haven asset during times of uncertainty and volatility in financial markets.
To trade XAU/USD, you can use a forex broker that offers this currency pair. You can then use technical analysis and fundamental analysis to identify potential entry and exit points, as well as manage your risk through the use of stop-loss orders and position sizing.
It’s important to note that trading XAU/USD involves risks, as with any form of trading or investment. It’s recommended that you educate yourself on the markets, develop a trading plan, and use risk management strategies to minimize potential losses. Today’s trading overview as follows:
- We have posted an inside Harami candle on the daily chart. A clear sign of investor indecision.
- A bullish reverse Head and Shoulders is forming.
- Bespoke support is located at 1981.
- The formation has a measured move target of 2041.
- Dip buying offers good risk/reward.
Recommendation: Buy/Buy limit @ 1990 Take Profit: 2040
