XAUUSD POTENTIAL SCALP LONG

good work

I like your work but do you think that price is going tk head down to about 1700? with everything happening in the US at the moment then have a bounce and head back up? or do you think that price is heading upwards now and it won't go down further for a retest?

@JoshPeacock, If I knew the answer to this question, my broker would hate me! I have read many many financial reports that suggest Gold will be in excess of 2000's in the upcoming year. However the route it takes to get there is under question.

There seems to be a lack in bull power at the moment hence the bears taking over this pair. it is possible for further downside, however I am favouring a long position here. if a breakout of the trend above occurs I will look to enter a short position.

I am currently holding a long position from 1855. It is your own judgement and do not be easily convinced.

@xsk, Yeah I read some articles and feel that price is going up to the 2000's its just when. I was in a short trade but got out right before markets shut in the last dip. After doing some more analysis im feeling like getting long if price break above the resistance area that it is in now. Thanks for the help

Yes I think wait for a clear breakout in a direction. We are starting to see some support here and price returning to the 1863 resistance should follow shortly! A breakout about 1863 and then above 1870 would show signs of a powerful bullish move to the upside! Entry just after these levels are breached are the perfect time to enter. Trade with the trend never against it (just wait for the trend to identify itself)! Good luck!

@xsk, Thank you mate and Hope the trade goes your way

Fantastic analysis