XAU/USD is looking interesting

So when we look at the chart we can see that the price is kind of trading in a range like we see with a lot of pairs at the moment. What we could do now is just either wait for that range to be broken or we can see if we still have the possibility to go and range trade it. For now I would just wait and see what the price does when it is going to reach the high of the range. There are 2 things that can happen:
1) We get a break of the channel and have a good chance to go long
2) The price reverses back of the resistance zone and the high of the range and we can go short on it.

If you have any questions feel free to send me a message.
If you like the idea do not forget to give it a like and feel free to share your view on gold in the comments below.

Comment:

So we can see now that the price is fighting to break the resistance zone. It is right in that zone now and we can see that the past candle reversed off that resistance zone very hard.
For now it is still waiting to see what the price will do at the London opening tomorrow morning.
We do need to keep in mind that the volume in the market is very low now so it could be that we need to wait for the end of the year to see if it could break the resistance because if we get a break now it could be a fake out because of the low liquidity and volume that we have in the market now.

Comment:

So we can now see that the price has touched the resistance zone that we have drawn up on the chart so that the trade for now is closed for me. What I now will be waiting on is for a touch on the support zone to maybe go long again on this pair.

Trade I am looking for is something like this:

Trade active:

So as we can see the price bounced right off the support zone and is in some profit now if you did take the trade.
For now I will just be keeping this trade open to see how we move on Monday.
I will keep you updated when it is needed. Else you will hear from me next Friday.

Comment:

XAU/USD trade update:

When we look at the chart we can see that the price has been in a little range now. We can see that it is not able to break the daily resistance zone and we can also see that the previous resistance zone became support for now.

For now:
I am going to be looking to just range trade it with a tight stop loss level. When I do get a hit on the stop loss I will be looking to follow the trend then so either it hits my stop loss to the top side and I will go long than after that hit and vice versa. I do will be looking at the volumes than to see if it is a real break of the zone or if we just got some SL hunting going on.
When we do get a break of the zones I will update this idea.

Trade closed: target reached:

The range trade that we did has reached the take profit level. If did hit it a while ago but was too busy to update the idea.
For those that took it. I hope you enjoyed the free pips and profits.

Comment:

So this is interesting.
We can see on the chart that we did get a break of the resistance zone. After that we now have a retest of that zone and it is unable to break below that zone for now.
What I will be looking for now is to go long right about this price range.
If I do end up going long on this pair and trade it once again it could be that I post a new signal but for now I am not sure because I have little time and it could be moving fast.