ZuluTrade Blog

XAUUSD turns out to be a winner after OIL and Stock market's concerns

Market View | Friday, May 26, 2017 6:37 AM GMT

XAUUSD turns out to be a winner after OIL and Stock market’s concerns. USOIL was pushed lower after OPEC’s meeting and this caused a correction in most of the major indices like SP500, DAX30 etc. GOLD was in range from 18th of May and it was creating a triangle. Price is currently breaking out this pattern and it gives an upside target around 1280. Close to the target, there is a major falling trendline. Bears want GOLD lower than 1250 while Bulls prefer a valid retest of the triangle to get another bullish push higher. Naturally, if Stock Markets remain in negative market bias, this will boost GOLD even further.

Daily

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