BWSTRADES

Long Idea on XAUUSD

Long
BWSTRADES Updated   
SAXO:XAUUSD   Gold Spot / U.S. Dollar
Overall trend is bullish, Looks to me like the pullback from resistance is as a result of Take profits and a strong dollar from previous trade day as Price is sitting above the middle keltner channel indicator. Bullish Bias should play out if price hold above 1765, if broken, we could see a push to the 1755 mid support, further breakdown would see a test of 1738 area and 1723 area. i would wait for price action on support since overall bias and trend is bullish. If key support is broken we could see a possible 2-3 day retracement.
Trade active:
Price is now ranging between 1765-1760 with multiple hourly rejections and a bearish Hammer, Next 4H close could be key to direction
Comment:
price is till consolidating, a breakout above 1765.00 should confirm bullish bias and below 1757.30 should confirm the short sell
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.