Gold Spot / U.S. DollarUpdated XAUUSD Multi TF Analysis June 29th, 2021
XAUUSD Idea
Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bearish
Trade scenario 1: XAUUSD is still looking bullish in the Weekly Timeframe where after it broken the Bullish Flag/Descending Channel in Daily Timeframe and right now the down move is only a retest. If we use fibs in Weekly TF, it's rejecting the 61.8 level which also a good sign for us that another HL would come.
We saw rejection of a strong level around 1760-1770. BUT, the Lower TF is not giving us any signal to BUY because the structure is still Bearish. You can see also in 4H and 1H TF the price trapped in a limited range between 1774-1794. We want to see price breakout the resistance forming HH and wait for a new HL where can also be a retest to the Resistance become Support area
Trade scenario 2: For us to short on XAUUSD, we would need to see a break below the Last LL in 1H TF at 1761
Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bearish
Trade scenario 1: XAUUSD is still looking bullish in the Weekly Timeframe where after it broken the Bullish Flag/Descending Channel in Daily Timeframe and right now the down move is only a retest. If we use fibs in Weekly TF, it's rejecting the 61.8 level which also a good sign for us that another HL would come.
We saw rejection of a strong level around 1760-1770. BUT, the Lower TF is not giving us any signal to BUY because the structure is still Bearish. You can see also in 4H and 1H TF the price trapped in a limited range between 1774-1794. We want to see price breakout the resistance forming HH and wait for a new HL where can also be a retest to the Resistance become Support area
Trade scenario 2: For us to short on XAUUSD, we would need to see a break below the Last LL in 1H TF at 1761
Note
Note
investing.com/news/economy/asian-shares-kickoff-week-on-cautious-note-as-covid19-cases-spike-2543468For GOLD, we need to watch out more for fundamental and news!
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