GOLD RETURN TO THE HIGHS - LONG
With the
DXY
DXY giving us a pullback before the weekend and the FOMC meetings this week ahead, with no doubt more bond-buying ahead, there is potential for
XAUUSD
to retry for the DIZZY highs of $2,000, but we have a few resistance levels ahead first and some opportunity to take some excellent profits ahead.
Important to watch the market open on Monday morning for that every important support area at 1870, we already had a little bounce at the end of Friday trading, but let's see what happens with volume if it holds stop loss below the pin bar and an entry with the first target at 2% then t2 at 4% and we'll plan to let the last bit ride up to 6%.
If we break that 1870 support area, we'll be looking for an entry at around 1845, Gold is not bearish - WE ARE BULLISH GOLD, TRADE WITH TREND
DXY
DXY giving us a pullback before the weekend and the FOMC meetings this week ahead, with no doubt more bond-buying ahead, there is potential for
XAUUSD
to retry for the DIZZY highs of $2,000, but we have a few resistance levels ahead first and some opportunity to take some excellent profits ahead. Important to watch the market open on Monday morning for that every important support area at 1870, we already had a little bounce at the end of Friday trading, but let's see what happens with volume if it holds stop loss below the pin bar and an entry with the first target at 2% then t2 at 4% and we'll plan to let the last bit ride up to 6%.
If we break that 1870 support area, we'll be looking for an entry at around 1845, Gold is not bearish - WE ARE BULLISH GOLD, TRADE WITH TREND
Comment:
Ok this is great, we did break that 1870 support area, so now let's watch the support at 1840, remember the FOMC meeting is on Wednesday, this is one of the reasons for the decline, will we go down to 1800, be a lovely pull back and buying opportunity if it does. But I will not enter that trade until after the FOMC meeting.
Comment:
We just bounced above 1845, there are buyers there, but not enough of a signal for me to enter, we require some force followed by support at that level, plus FOMC Wednesday, so we need to be sure
Comment:
Ok, we're now waiting for confirmation around $1800 support area and a buy signal
Comment:
A nice long pin is forming after gaining support at 1844, we'll watch that and look to enter from a 50% pullback of the pin if that continues until the end of the day
Comment:
As I said 2 days ago, we're going to $1800... patience, maybe lower now
Comment:
Obviously, this and all other assets moved much more than was expected post FOMC meeting, and it was an overreaction if you ask me, so now is the time to wait for price action triggers to confirm support and resistance areas, focus on the weekly, daily charts and only go below to 4H and 1h to confirm those areas.