OANDA:XAUUSD   Gold Spot / U.S. Dollar
We have marked out obvious support and resistance levels on our chart and below are the things we are looking for this coming week, here we have 2 possible outcomes.

1. Price will continue last weeks bullish run and reach resistance level 1295.024 now if the bulls continue to be strong this level could be smashed and price could eventually reach resistance of 1322.260 overtime ( remember this is a swing trade so could be held over a couple of weeks depending on volatility )

2. If price breaks and closes below 1280.060 we could see price fall from the sky as the next obvious support level is miles away.

This week sees loads of high impact news involving USD
Monday high impact x1
Tuesday high impact x2
Wednesday high impact x6
Friday high impact x4 including NFP!

We are expecting quiet a lot of movement with this pair as a consequence of all the high impact news, and if you have ever traded NFP week before you will know the market can be a very choppy place.

Now this is only our analysis and ideas we will be keeping our eye on from the week ahead.

Trade with caution.
NFP has turned out to be a big fudge. Hey ho - markets are ruled mostly by sentiment.

But what you got there is a nice descending wedge, itching to break north.

Thanks for this lovely find. I hadn't noticed it before. More traders out here should start collaborating more. The markets are our common enemy or common cash cow - we can beat the markets better if we all work together.
+1 Reply
ApexFX_Pro Captain_Walker
@Captain_Walker, Nice chart mate, I agree traders should help each other more... the market is the enemy not other traders 😉
+1 Reply
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