**Monthly Chart**
**The long-term directional bias** of Gold (XAUUSD) has been bullish since 2005. However, we have seen short-term bearish movements and bounce back from sensitive key areas given that the price entered into a large range between 2050 and 1600 from the high of Aug 2020. Last month candle closed higher after it bounced from 1800 levels (round number) which was the low of Feb & Mar 2023 and currently moving towards breaking an all-time high above 2050 levels. The price failed for the 4th time since Aug 2020 to break above 2050 - 2085 levels. If this time the XAUUSD breaks the high then it will move massively higher to create new historical highs.
**Weekly Chart**
On the weekly candles, there were good trading opportunities for both buy and sell since the price was in a long-term range from Aug 2020. Last week candle closed at the high suggesting the directional bias for this week continues to be bullish. Therefore, I will be looking for opportunities to buy XAUUSD with a good pullback in a smaller time frame with good risk management parameters. Keep in mind that I need to secure my trade before it hits all-time highs because the price will be highly sensitive around that area.
**Daily Chart**
Short-term bias is in line with the long-term bias which is bullish. Earlier this month there were good buying opportunities near demand zones on smaller time frames. So this week, I will be watching this pair for buying opportunities.
**The long-term directional bias** of Gold (XAUUSD) has been bullish since 2005. However, we have seen short-term bearish movements and bounce back from sensitive key areas given that the price entered into a large range between 2050 and 1600 from the high of Aug 2020. Last month candle closed higher after it bounced from 1800 levels (round number) which was the low of Feb & Mar 2023 and currently moving towards breaking an all-time high above 2050 levels. The price failed for the 4th time since Aug 2020 to break above 2050 - 2085 levels. If this time the XAUUSD breaks the high then it will move massively higher to create new historical highs.
**Weekly Chart**
On the weekly candles, there were good trading opportunities for both buy and sell since the price was in a long-term range from Aug 2020. Last week candle closed at the high suggesting the directional bias for this week continues to be bullish. Therefore, I will be looking for opportunities to buy XAUUSD with a good pullback in a smaller time frame with good risk management parameters. Keep in mind that I need to secure my trade before it hits all-time highs because the price will be highly sensitive around that area.
**Daily Chart**
Short-term bias is in line with the long-term bias which is bullish. Earlier this month there were good buying opportunities near demand zones on smaller time frames. So this week, I will be watching this pair for buying opportunities.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join our PropSignals Channels on Telegram
t.me/PropsignalAE
t.me/PropsignalAE
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.