XAU/USD Technical Analysis: Bullish Wedge?!

Amir Khedri Independent Analyst

The major trend of XAUUSD is up, it is fluctuating above 150MA and It seems that it has been forming a “Bullish Wedge Pattern”. This pattern will be completed if the upper line breaks, so its suggested to set the buy stop order somewhere around 1290.00 (conservative), but, traders who can face more risk, buying at this price would be sensible. The Guardian reports from the UK that MPs to get a vote on three-day deadline for May to present 'plan B' which may culminate in a crunch vote next Tuesday, Andrew Gwynne also said: “In the event of Theresa May failing to get her deal through, we will be calling for a general election. And to do that, you have to table a motion of confidence.” These may fuel the uncertainty over the Brexit and create demand for Gold. On the other hand, US officials have also confirmed that the trade negotiations with China are concluding and even hinted that they went well, According to a Bloomberg report, citing people familiar with the matter, the US-China trade talks were said to have concluded on an optimistic note and positions were closer on areas including energy and agriculture. The reflection of XAUUSD on this news is matter.

Buy stop order: 1290.00
SL: 1275
TP: 1310

Author

Amir Khedri

Independent Analyst

Amir Khedri, the FX market analyst, lives in Tehran (Iran).

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