JoshPeacock

XAUUSD - IDEAS FOR UPCOMING WEEK

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
On Friday before markets shut we saw price break previous support levels and head down to below 1850 but as markets came close to shutting we saw the price have a move upwards to the previous support level that had just been broken. My thoughts on this is that price could now be turning and heading up to all time highs and if we see price break above resistance and come back for a retest then I will be looking at getting long for gold . At the same time gold could still be heading down and this phase that it is in at the moment could be a retest phase. If price fails to break resistance and comes back down to about 1840 I will be looking and getting short on the market and holding till the next support level .

Let me know what you guys think and always do your own analysis first before placing a trade.

Good Luck

Comments

I see gold going short(down) upon market opening. Big time! I think it will reach 1500 levels. Don't be fooled by the 70% of traders that lose their funds buying gold. It will go down down so gold buyers can buy at a lower price. It may go to 1853 levels before going short
+3 Reply
I like your work! Thanks for good idea
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