XAUUSD has been here before and reversed all the way back down to levels of around 1260! But here's the breakdown...
If we break 1350, then expect XAUUSD to hit 1380 as the bulls will takeover and the market will be frazzled, causing what we've already seen for the past 2 weeks. XAUUSD has no right to be here and that's why it must return back down to its rightful place!
Previous high level was 1346, personally, would enter at 1240 as it's finding it hard to break 1340-1342 then we could see a possible break down to precious support around 1320-1325. But realistically, if we break 1320 we will see 1300 hit, then consolidation will occur with 1280 to be hit next. I reckon this move will take around 2-3 weeks, dependent on volatility.
Trade carefully on this pair and don't attach ridiculous SL's! Do it tight, with 30-50pips at risk. RR is key, remember that!
If we break 1350, then expect XAUUSD to hit 1380 as the bulls will takeover and the market will be frazzled, causing what we've already seen for the past 2 weeks. XAUUSD has no right to be here and that's why it must return back down to its rightful place!
Previous high level was 1346, personally, would enter at 1240 as it's finding it hard to break 1340-1342 then we could see a possible break down to precious support around 1320-1325. But realistically, if we break 1320 we will see 1300 hit, then consolidation will occur with 1280 to be hit next. I reckon this move will take around 2-3 weeks, dependent on volatility.
Trade carefully on this pair and don't attach ridiculous SL's! Do it tight, with 30-50pips at risk. RR is key, remember that!