FX.co - XAUUSD bouncing from 1st support, further rise expected !

2020-10-01T14:08:21

Relevance until2020-10-02

Price is facing bullish pressure from our first support, in line with our 38.2% fibonacci retracement and horizontal overlap support where we could

see a further bounce above this level. Both the Ichimoku cloud and 20 period EMA are showing signs of bullish pressure .

Trading Recommendation

Entry: 1882.29

Reason for Entry:

38.2% fib retracement

Take Profit: 1916.33

50% fib retracement

Stop Loss: 1849.64

Reason for Stop Loss:

Horizontal swing low

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Dean Leo

FX.co ★ XAUUSD bouncing from 1st support, further rise expected !