GOLD Trade Idea - Shorter term!

XAUUSD - Technical view!

It's healthy to have retracement - but remember it is counter trend lower your risk.

Pattern: Descending Wedge formation (Smaller term could even be a bear flag once broken) Once measured - Target area: 1806.40 (Key fib retracement area)

Support areas: 1818.243, 1806.387, 1789.261
Resistance areas: 1848.181*, 1857.509

Target area: 1806.40 area (161.8 Fib Retracement area)

All the best,

Trade Journal TJ
(Just a trade idea, not a recommendation)

Comment:

Whilst trading, I sure do love technicals but I do analyse on the weekends and keep alert to any major fundamental events that could shift the market

F.D.A. Clears Pfizer Vaccine, and Millions of Doses Will Be Shipped Right Away! (USA)

(Next week opening will be interesting....Keep an eye on indices Nasdaq may decline as well as precious metals) I will be posting analysis on the FAANG Companies soon - Have a wonderful week ahead & Remember the market is full of opportunities!!

TJ

Comment:

I meant to say *This week opening will be interesting...

Trade active:

Took off a few of my short positions profit made on gold & silver - letting the rest ride.

Comment:

(Still within the range) until broken either direction but keep in mind this is the last week of most likely full volts in the market, I will be mostly scalping the market. Long/Medium term positioning will be done start of next yr.

Comment:

In order to become a successful trader, you have to enable yourself to be willing to switch sides. Gold could go towards upside of longer term channel built on daily - Resistance next at 1880 areas. For medium term - Still within the consolidations areas.

Fundamentals to keep in mind:

Today: FOMC

Others: Stimulus & Next yr presidency transition in USA.