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XAUUSD Daily Analysis May 15th, 2021Gold Short idea Weekly Trend: Bullish Daily Trend: Bearish 4Hour Trend: Bearish Trade scenario 1: We are still looking very bearish here on gold and are currently expecting a pullback. Look for a lower high to form near 1830.00 resistance with good bearish setups to follow. Target lower toward 1800.00 support area. Trade scenario 2: For us to consider Gold bullish again we need to see a higher low above 1830.00. Look to enter long on strong bullish setups and target higher toward 1870.00 resistance.
FX_IDC:XAUUSDShort
by ForexLeague
XAUUSD 4hour Analysis May 8th, 2021Gold Neutral idea Weekly Trend: Bullish Daily Trend: Bearish 4Hour Trend: Bearish Trade scenario 1: We are newly bearish on the 4hour & daily timeframe on gold as we recently broke well below 1930.00. For us to continue selling we need to see the bearish trend continue strongly. Ideally, we can see a lower high below 1870.00 that we can enter on. Trade scenario 2: It is also likely that price action will bounce right now and head back toward 1930.00. I would be hesitant on entering on this move or while price action is approaching 1930.00. This level has been proven as a key level on major timeframes so how price action reacts will more clearly show us potential trade scenarios.
FX_IDC:XAUUSD
by ForexLeague