XAU/USD Gearing Up For A Bullish End Of Year?
Is gold gearing up for a bullish end of year? Seasonal data would indicate – yes. In the last 8 years typically XAUUSD has closed October bearish. On the chart below you can see that XAUUSD has traded into 1800 resistance, but is currently well above the month open at 1756. The seasonal data shows an extremely strong bullish seasonality in November and December, so what should traders be looking for to trade this?
Well, I am looking for gold downside out of 1800 back towards October’s month open. This aligns with the 5 and ten year seasonality data. If price trades back into the 1750 support I will look for this to hold, and then look to trade long in line with November & December’s bullish seasonal tendency.