wickywicks

XAUUSD, Detailed Picture.

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hi there, Let's talk about GOLD .

Bullish Channel Breakout at 1840
But price couldn't break above 1910 zone.
(1900-1915 was previous strong supply
during Aug-Sep 2011).
We anticipated breakdown instead.

LONG trades got liquidated here at
strong support 1810 zone.
We had strong USD recovery that
drove GOLD further down hence
breaking 1810 support. So counting
as Fake Breakout.

Gold again trapped in Bullish channel and
mostly "expected" Bearish momentum hence
counting as another Fake channel momentum.

Gold tried to break 1750 support zone but USD
took a break. Further fundamentals made
pretty intense recovery.

Now watch 1810 level as Weekly
and Daily candle closed just right above
above the Bullish channel indicating Breakout.
Seems like Retest is done in Lower TF but
indicators are contradicting.
So we better wait for Monday's opening and
then proceed accordingly.

Do share your ideas as well. :)

Comments

Very in depth analysis. Fantastic
+1 Reply
wickywicks KnightsofGold
@KnightsofGold, Highly appreciated :)
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