The XAUUSD is the ticker symbol for gold on the forex market. Gold is a precious metal that has been used as a form of currency, jewelry, and investment for centuries. The price of gold is determined by supply and demand in the market, as well as geopolitical factors. Gold can be bought and sold in various forms including bullion, coins, bars, and futures contracts. Consider the following instructions when you make a new trade on xauusd today-
- The primary trend remains bearish
- Prices expected to stall near trend line support
- Support could prove difficult to breakdown
- Dip buying offers good risk/reward
- Although the anticipated move higher is corrective, it does offer ample risk/reward today.
