XAUUSD

My XAUUSD analysis is as follows.

We have two possibilities here.
The 1st sees price breaking our bullish flag (which it seems it already has), retesting followed by a bull rally back up to 1980.
The 2nd idea sees price breaking the lower boundary of the bullish flag, testing our 50% level and heading upwards to the same target of 1980.

In addition, if the DXY breaks its most recent support, we may see a drop down touching 93.
Overall I definitely believe XAUUSD will continue up after a suitable correction, we just have to wait and see where price takes us.

Please don't hesitate to start a discussion in the comment area, I will reply to all comments (regardless of whether you agree or now)

-Connor-

Comment:

Price broke down and touched the 61.8% level perfectly.

I don't see price coming back down to the 50% level. I may adjust my strategy to allow for entry on the 61.8 level in the future.

Keep an eye on these updates, I am still hoping to catch some pips here.

Comment:

Order cancelled:

Given that we have the FOMC press conference at 19:30 GMT, I'm going to cancel this trade and will post new analysis when appropriate.

Comment:

Price reached our target almost to the pip.
Missed our entry by 50 pips (not much for GOLD).

Lesson learned :)