Gold is on a bullish run as it’s the pricing has soared to 1,730 level in the wake of increased safe-haven appeal in the market. The U.S. government bond prices increased, pressing the benchmark 10-year U.S. Treasury yield down to 0.637% from 0.751% Tuesday.
On Thursday, the precious metal gold is trading with a strong bullish bias on the back of an increased number of COVID 19 cases around the globe. On the 4 hour chart, gold is trading within a bullish channel, which is supporting the XAU/USD prices above 1,709 level, and these are also providing resistance at 1,738 and 1,747 today.
The RSI and MACD are suggesting odds of bullish trend continuation, which is why we have entered a bullish trade around 1726 with a stop loss below 1726 and take profit of around 1739.
Entry Price: Buy at 1726
Take Profit 1739
Stop Loss 1718
Profit & Loss Per Standard Lot = -$800/ +$1300
Profit & Loss Per Micro Lot = -$80/ +$130