Re: Hubufx.com Shares Trading Ideas
XAUUSD Bulls Must Hold Above Trend Line and $1,916
The XAUUSD pair is currently trading above an ascending trend line, hovering around $1941. Gold faces minor resistance at $1,951, which serves as a pivot point for the market to potentially shift from a bearish to a bullish bias. If gold can hold above the trend line, it has a bullish outlook with the potential to target and test resistance at $1980. However, it's important to note that the bulls must keep XAUUSD above both the trend line and support at $1,916.
On the flip side, if bears manage to close below support at $1,916, the decline may continue to previous lower highs around $1,900, followed by support 2 at $1,866.
Noteworthy
China's gold imports rise in June. China's gold imports rose in June, as the country's demand for the precious metal remained strong. Imports rose to 89.4 tonnes in June, up from 78.4 tonnes in May. This was the highest level of imports since March 2022. China is the world's largest gold consumer.