XAUUSD Analysis
Weekly: price Break its previous resistance level and has also broken its ATH. This has opened up a significant amount of upward potential and created a clear path for further gains.
Daily: 1975 to 2010, Very ranging area previously. However, a breakout occurred last week and price went up and come down with NFP news and clearly can see already retest back to the 2000 level and closed above 2010. As a result, I anticipate that the price will continue to rise. However, it is important to note that a strong bullish candle needs to close in order to establish support around 2010 to 2020 then we can see more bullish momentum on coming days.
4H: support create at 2010. Looking at the price action from 2020, there appears to be some range to clear. Once this range is broken, I anticipate the price will rise towards 2030 and 2050 levels.
Sell: If the price experiences a fakeout at 2030 or 2020 and closes below 2000, the safest approach for selling would be to wait for a confirmed close below the 2000 level before entering a trade. This would help to confirm that the support level has been broken and the asset is likely to continue moving lower.
Daily: 1975 to 2010, Very ranging area previously. However, a breakout occurred last week and price went up and come down with NFP news and clearly can see already retest back to the 2000 level and closed above 2010. As a result, I anticipate that the price will continue to rise. However, it is important to note that a strong bullish candle needs to close in order to establish support around 2010 to 2020 then we can see more bullish momentum on coming days.
4H: support create at 2010. Looking at the price action from 2020, there appears to be some range to clear. Once this range is broken, I anticipate the price will rise towards 2030 and 2050 levels.
Sell: If the price experiences a fakeout at 2030 or 2020 and closes below 2000, the safest approach for selling would be to wait for a confirmed close below the 2000 level before entering a trade. This would help to confirm that the support level has been broken and the asset is likely to continue moving lower.
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