RoshanTrading

Possible retracement-to-bullish push - XAU/USD - 8/12/20

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Bulls look to push price towards 1900, but before then it is possible the market will retrace to key levels marked on chart.

Watch out for all 4 scenarios for possible entries.

Market is overbought on stochastic and cross in moving average favours short-term bearish action before bullish momentum continues.

Dollar index is currently pushing upwards meaning possible short-term falls in XAU/USD .

Bullish trend should resume after retracement, particularly amidst the current US stimulus chase.

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