Analysis

XAU.USD D1

The market on this pair is currently trending upward (21 above 55 with good separation). Price is moving upward but seems to be tapering off (5 above 8). Resistance is at WR1 and support at WM3. The market is has broken through resistance at MPP and is in role reversal. Gold looks like a good buying opportunity. Buying will however be a risky trade as resistance where you would enter the market in the MM3 zone.

XAU.USD H4

The market is trending upward (21 above 55) with a higher high. Price is bullish with the 5 above the 8. Resistance is at WR1 / WM4. Support is at WM3. The market is expected to hit resistance at WR1, come back down for role reversal at WM3 (78.6 on the Fib chart) and shoot back up to 161.8 or WR2. This is however a risky trade which should be noted. I would keep a keen eye on the market movement, enter the market at support (WM3) and place a stop loss just under WPP. I will furthermore set my profit taking position just above WM4 but be open to adjusting my position as the market moves.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.