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Gold direction🤔 up or down?Gold made some massive bullish movement during the previous week, this movement was facilitated by the fundamentals underlying the USD either directly or indirectly (correlation effect). This week opens with a drag xauusd sluggishly dragging to the previous resistance around 1825-1828. This level has been proven to be a strong level following several reversal at the level. It is then logical to expect a bearish movement after seeing a momentum shift to the bears. Other the bulls might summon momentum and break this level then Gold probably breaks its strong resistance . Kindly: 1. Gold is currently trading at a strong resistance, therefore expect a fakeout by the market maker 2. Patiently wait for a momentum shift if you're bearish on gold 3. Wait for a retest before entry Kindly Share your opinion.
FOREXCOM:XAUUSD
by lilsheggwen
8
EurCad Currently, price action is at the support zone on the 4hr tf. If we look to the Daily, we can see that the market structure is in uptrend. If we look left on the 4hr tf, we see that this support zone has not been broken/still respects the zone. If price breaks and retest then the support has becomes a resistance zone . This means price action will be short untill the support of the trendline . Wait and see how price reacts to that level to determine buy or sell. I personally looks for confirmation patterns/candle to determine my entry. I would love to hear some feedbacks.
Long
by mastercampbell
Next Stop for GBP/USD. Watch out for this key level !GBP/USD is currently heading for the above Resistance level I have plotted on chart. Watch out for this key level. If it gets broken then chances for bulls are great but in my own opinion GBP/USD will get a strong resistance from this area and is most likely to be rejected with huge potential for Bears. Therefore my personal bias remains bearish after hitting the resistance but for now its heading towards resistance. We should decide according to price action at the resistance level. Every one out there talks about price action trading yes its the key to success but we should first know where to apply these candle stick patterns in our trading and key support resistance levels are zones where price action comes in to play for practical trading. Best of luck.
by awan0454