XAU/USD August 12th 2021 FORECAST
Updated
Hello fellow traders,
Every start of the trading day I will be posting a forecast of a pair. I do it because then I can analyse afterwards about my analysis and take into consider what did I see in the beginning of the day vs in the evening.
So basically looking at the DAILY we can see that we had a strong momentum to the downside, we managed to tap down to 1680 which is a strong psychological level for gold. A lot of buyers stepped in and we pushed the pair right back up into 1755. On the 4 hour we can see that lately we haven't had a much of a momentum and we have been starting to consolidate. The circumstances are extremely hard and I suggest every one to not hop into trades very quickly as we are lacking momentum in the markets. And by circumstances I mean the last 24h for traders. I am keen on looking for momentum coming in to the markets on the NY session or the NYSE. I don't think we will have a much momentum on the London session but everyone can be wrong, be cautious!
Looking at the 30min timeframe, that is where I set up my day trading levels for today. SELLS BELOW - 1748, if we can break this level I have set my target for 1744. as this is the next mini support. Target 2 has been set 1740. as this is a much stronger level in the market and Target 3 is kinda super target for today. i can see that we reach the Target 3 only if we have a lot of momentum coming in to the markets today.
Strong buys above - I would say it's strong buys above because we have clean candles to the left inside, if we have enough momentum we can definitely reach the Target (1) 1760. . But BE AWARE we have a strong order block on the 4H timeframe, I marked it up with red stripe.
Thank you guys, this was my XAU/USD Forecast for today August 12th. I hope you guys have a great trading day and stay happy! :)
LoneFX
Every start of the trading day I will be posting a forecast of a pair. I do it because then I can analyse afterwards about my analysis and take into consider what did I see in the beginning of the day vs in the evening.
So basically looking at the DAILY we can see that we had a strong momentum to the downside, we managed to tap down to 1680 which is a strong psychological level for gold. A lot of buyers stepped in and we pushed the pair right back up into 1755. On the 4 hour we can see that lately we haven't had a much of a momentum and we have been starting to consolidate. The circumstances are extremely hard and I suggest every one to not hop into trades very quickly as we are lacking momentum in the markets. And by circumstances I mean the last 24h for traders. I am keen on looking for momentum coming in to the markets on the NY session or the NYSE. I don't think we will have a much momentum on the London session but everyone can be wrong, be cautious!
Looking at the 30min timeframe, that is where I set up my day trading levels for today. SELLS BELOW - 1748, if we can break this level I have set my target for 1744. as this is the next mini support. Target 2 has been set 1740. as this is a much stronger level in the market and Target 3 is kinda super target for today. i can see that we reach the Target 3 only if we have a lot of momentum coming in to the markets today.
Strong buys above - I would say it's strong buys above because we have clean candles to the left inside, if we have enough momentum we can definitely reach the Target (1) 1760. . But BE AWARE we have a strong order block on the 4H timeframe, I marked it up with red stripe.
Thank you guys, this was my XAU/USD Forecast for today August 12th. I hope you guys have a great trading day and stay happy! :)
LoneFX
Trade closed: target reached
Target 1 reached, how did your trading go guys?
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