RhysFX

GOLD NEUTRAL (LOOKING AT ALL POSSIBILITIES)

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
So I usually don’t trade Gold but my BIAS on this pair for the upcoming week is NEUTRAL.



My reasons behind this are

-We have just broke above and retested a key Daily Resistance at 1527.11.
-We could continue up for a break above our previous Weekly Support/Resistance at 1570.65 then searching for a retest and targets at 1613.
-We also could reject 1570.65 for a push down to our previous Daily Resistance at 1527.11.
-We also break below previous Daily Resistance and search for a retest and targets of 1503.50 at our previous Demand Zone .

-One thing to note we haven’t came above 1570.65 since July 2011 so we could look at that to fuel whichever move we take.


I will not be looking to place any trades until one of these levels are either retested or broken.



Like & Follow for future updates and analysis.

📈📈
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out