XAUUSD Analysis (13th May 2024)

Market Analysis PT2/2 (13th May 2024)

XAUUSD Analysis

On the daily timeframe, we have created a Change of Character to the upside at the 2352 level.

Currently price is creating a pullback towards that key level.

What i want to see is for price to come down lower towards the 2352 level before deciding whether to long or short.

If price fails to create a 15 minute change of Character with a Body candle close above, i will be patient on longs and will be more short biased.

However, if price action confirmations a retest of the 2352 level and creates a 15 minute Bullish CHOCH, i will be actively looking for longs to target the 2400 level.