FX:XAUUSD   Gold/U.S. Dollar
220 1 7
Chart: Weekly Time Frame
Market trend: Weekly (Ranging)
Dominant trend: Slightly Bearish (Monthly, Daily)

I want to keep things simple here and focus on the weekly chart as it offers better
sense as to the direction of the market.

1. What I see, is price ranging between two (daily & weekly) key levels
of support ($1279) and resistance ($1362)

2. Period of consolidation started on 20th May 2013 and confirmed when price
failed to break above previous high of $1389 (green rectangle)

3. Weekly support @ $1173 (red circles) would serve as an ideal long entry as
we're likely to see price reject this level - daily price action requires bullish evidence.

4. Weekly trend line resistance has now turned support. This is what's telling me price is still
in bullish territory.

5. Lastly, price has a had a nice run from Jan 2016 ($1,061) - July 2016 ($1,362) and is now in pull back mode.


BIAS - Slightly bullish on the weekly chart
I'm on the sidelines for this pair for now, but will be paying attention as price approaches key support around $1,173.
If price does break support, the next area to look for is a rejection of the trend line support level.

Agree / Disagree? Comment Below!
TheBanker PRO
a month ago
Agree, 1000% :)
Reply
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