XAUUSD - what will happen before the Holiday season?Here is our view and update on XAUUSD . Potential opportunities and what to look out for before the Holiday season starts.
Let’s take a step back and take a look at XAUUSD from a bigger perspective. For this we are attaching the long-term overview on the pair.
We are still following the sell bias we have published.
XAUUSD is currently trading at around 2625 with lower volume than usual.
Scenario 1: SELLS from 2620
That would confirm our pullback to the upside and breaking below 2620 would give us an opportunity to drop back down to 2604 or 2600 flat. Next we would be targeting a very important KL (Key Level) 2590.
Scenario 2: BUYS from 2638
We broke above 2638 and are trading above it. We should see more upside potentially reaching new highs at around 2666 which was also an important KL (Key Level) before.
Personal opinion:
The direction for now is unclear until we break our mentioned key levels. A safe sell trade could be taken at 2620 or a safe buy at the breaks of 2638. Be patient and stay tuned for updates on this pair. For now we are sticking to the sell bias from the long-term overview.
KEY NOTES
- XAUUSD breaking below 2620 would confirm sells down to 2604 - 2600.
- XAUUSD breaking above 2638 would confirm further buys up to 2666.
- Volume is lower as the business year is coming to an end and Holiday season is about to start.
Thank you everyone for your amazing support lately. We will continue to provide value to you. Happy Holidays!
Happy trading!
FxPocket
