Day trading and swing trading trend lines for gold
XAUUSD is still in its long-term falling channel, but it's established both short-term and mid-term uptrends.
If you're day trading gold, you'll want to exit if it falls below the steeper trend line. (Honestly probably too late for a day trade entry at this point.) I expect it will break this trend line soon and move sideways along the volume support.
If you're swinging gold, watch my gentler blue trend line. Enter near the trend line if it falls that low, and exit if it falls below the line. With the dollar weakening, I expect gold to hold this trend line at least until the Fed meeting.
If the Fed cuts interest rates, gold should break upward out of its falling channel. If the Fed doesn't cut interest rates, gold will fall through the trend line. You can limit losses by setting a stop loss beneath the trend line ahead of the Fed meeting.
If you're day trading gold, you'll want to exit if it falls below the steeper trend line. (Honestly probably too late for a day trade entry at this point.) I expect it will break this trend line soon and move sideways along the volume support.
If you're swinging gold, watch my gentler blue trend line. Enter near the trend line if it falls that low, and exit if it falls below the line. With the dollar weakening, I expect gold to hold this trend line at least until the Fed meeting.
If the Fed cuts interest rates, gold should break upward out of its falling channel. If the Fed doesn't cut interest rates, gold will fall through the trend line. You can limit losses by setting a stop loss beneath the trend line ahead of the Fed meeting.
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Gold broke out from its channel today:
