Take advantage of the gold price moves and trade with SimpleFX this week. We are running the $500 gold trading contest until October 18, 2020, where you can grab amazing prizes from the $500 prize pool!
Gold prices seem to struggle to recover from the losses last Tuesday. It’s on a 3-day climbing phase and currently pokes at $1903 as of 02:40 pm UTC today (October 16). The yellow metal continues its brawl with the $1900 level, with markets alarmed that the new stimulus bill, proposed to be $1.8 million, will not push through.
The recent strength in gold prices emanates mainly from the absence of US stimulus packages in recent periods and the rising cases of COVID-19 in Europe. Brexit headlines, the ensuing US–China trade war, and the incoming US election contribute further.
XAUUSD lingers on the $1910 level along the 200-bar EMA. In the 4-hour chart, an upside above $1912 will open a new resistance at $1933, which is the current month’s high. However, if the price performs a clear break below $1891, a dive towards $1872 monthly bottom is highly likely.
Trade Gold on Your Phone and Grab from $500 Rewards
To join the contest, all you have to do is trade more on XAUUSD on the SimpleFX WebTrader, mobile app, or MetaTrader 4 on October 12–18, 2020.
Here is how you trade gold on the SimpleFX mobile app.
1. Log in to the SimpleFX mobile app. If you don’t have it yet, download the app here.
2. Tap on the search icon.
3. Type “XAUUSD” on the search box, then tap on the XAUUSD symbol.
4. You will now see the chart. Between the Buy and Sell buttons at the bottom, tap on the “Amount” section, and input the number of lots you want to buy or sell.
5. Then, swipe the BUY button to the left or swipe the SELL button to the right to initiate a trade.
6. A confirmation window will appear. Tap on the “Confirm” button to confirm the trade.
You’ve successfully placed a trade on the SimpleFX mobile app.
Trade more on XAUUSD this week (October 12–18, 2020) and bag rewards from the $500 prize pool. Traders with the highest trading volumes will get massive rewards.