17 Points Profit as Gold breached the 1970 resistance
17 Points Profit as Gold breached the 1970 resistance on early US session
As I mentioned during my last Sunday's Gold Price commentary, I patiently waited for the 1967-1970 resistance to be tested, and once it did, I engaged buying order on XAUUSD, pursuing the 16th May, 2022 and 1st July, 2022 h4 support, which in this case became the strong resistance. My buying order was automatically closed as the Price Action reached my T/P zone of 1787, giving me total of 17 Dollars of profit.
Due to high geopolitical tensions currently happening (mainly thinking of House Speaker Nancy Pelosi’s trip to Taiwan), Gold price suddenly started melting, finally closing today's US session at 1960. As the market is currently highly influenced by previously mentioned fundamental event, that can easily disrupt any technical analysis, I will remain cautious and will not engage any risky orders.
I expect the Price Action to trade within neutral rectangle for following few sessions (between the 1755 support and 1767 resistance), after which I expect the 1752-1755 support to be tested, mainly as the Gold is currently under heavy selling pressure from both DX and US10Y which are with huge gains.
As I mentioned during my last Sunday's Gold Price commentary, I patiently waited for the 1967-1970 resistance to be tested, and once it did, I engaged buying order on XAUUSD, pursuing the 16th May, 2022 and 1st July, 2022 h4 support, which in this case became the strong resistance. My buying order was automatically closed as the Price Action reached my T/P zone of 1787, giving me total of 17 Dollars of profit.
Due to high geopolitical tensions currently happening (mainly thinking of House Speaker Nancy Pelosi’s trip to Taiwan), Gold price suddenly started melting, finally closing today's US session at 1960. As the market is currently highly influenced by previously mentioned fundamental event, that can easily disrupt any technical analysis, I will remain cautious and will not engage any risky orders.
I expect the Price Action to trade within neutral rectangle for following few sessions (between the 1755 support and 1767 resistance), after which I expect the 1752-1755 support to be tested, mainly as the Gold is currently under heavy selling pressure from both DX and US10Y which are with huge gains.
