Possible XAUUSD Bullish towards Highest Resistance Area
The NFP news release on Friday 2 June 2023 made the XAUUSD market move very aggressively to make a sharp decline or bearish. This means the release of NFP data on Friday made the US dollar strengthen again and hit gold significantly.
.
What should we do going forward? Last Friday I traded when the NFP data was released on the XAUUSD market, and it paid off because my sell-stop order was picked up and I made a perfect profit. Yesterday I thought that there was a possibility that gold would strengthen and be able to break through the resistance area or swing high at the price of 1983, but in fact, the market actually dropped drastically. Now it has penetrated the strongest support area at the price of 1954 and penetrated to the price of 1948, and luckily I took 2 pending orders as a safe way to keep generating profit.
.
In the ideas this time, I predict that XAUUSD will strengthen again starting with a decline to the swing low area at the price of 1934 and then retesting towards the price of 1953. If this pattern occurs, XAUUSD will make a breakout first to the nearest swing low before making a long increase towards the 1983 price (which was the highest resistance area during late May).
.
If XAUUSD manages to reach the price area that I mentioned above, then for the XAUUSD market it will produce a head and shoulder pattern, and we can use this to open long-term or buy transactions, keep in mind that we can take this position if XAUUSD has broken out into this area nearest swing low.
.
DISCLAIMER!
That this idea is only for reference and research material for all of our trading and is not an invitation to buy and sell, because the decision to trade is in the hands of each trader. And the market may not run according to expectations. So, continuously deepen your research and monitor the news that is there.
.
What should we do going forward? Last Friday I traded when the NFP data was released on the XAUUSD market, and it paid off because my sell-stop order was picked up and I made a perfect profit. Yesterday I thought that there was a possibility that gold would strengthen and be able to break through the resistance area or swing high at the price of 1983, but in fact, the market actually dropped drastically. Now it has penetrated the strongest support area at the price of 1954 and penetrated to the price of 1948, and luckily I took 2 pending orders as a safe way to keep generating profit.
.
In the ideas this time, I predict that XAUUSD will strengthen again starting with a decline to the swing low area at the price of 1934 and then retesting towards the price of 1953. If this pattern occurs, XAUUSD will make a breakout first to the nearest swing low before making a long increase towards the 1983 price (which was the highest resistance area during late May).
.
If XAUUSD manages to reach the price area that I mentioned above, then for the XAUUSD market it will produce a head and shoulder pattern, and we can use this to open long-term or buy transactions, keep in mind that we can take this position if XAUUSD has broken out into this area nearest swing low.
.
DISCLAIMER!
That this idea is only for reference and research material for all of our trading and is not an invitation to buy and sell, because the decision to trade is in the hands of each trader. And the market may not run according to expectations. So, continuously deepen your research and monitor the news that is there.