mikoaodu

XAUUS SHORT - PRICE TESTING STRONG SUPPLY AREA ON DAILY CHART

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Recently we saw a big move to the upside for gold and now we are testing a very strong supply area on the daily timeframe which gave us a very strong move to the downside previously. On the H4 chart we are a little overextended to the upside and the market looks like its currently having a pullback as the week closed. We could see one last push to the upside maybe revisiting the previous high and slightly breaking above it before we seeing the bearish momentum from the daily chart take us back to the downside where we can look to target the 1850.0000 area which is a key level of support on the Daily chart .

Hope you have found this useful and feel free to Leave a comment below if you agree, disagree or just have any questions. :)

Comments

Do you think the new variant of COVID will ahve an impact on gold?
+1 Reply
mikoaodu CeoCodes
@CeoCodes, Yh it could do, maybe trade with a smaller size on gold
+1 Reply
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