XAUUSD IS AT CROSSROADS WITH A STRONG OUTLOOK TO GO EITHER WAY
XAUUSD pair is at crossroads. It is working towards figuring out whether to breakout bullish or breakout bearish.
It has been bullish as it stands and I am waiting to see if it will respect the support lines at 1171.02 and if it does then we keep moving upwards bullish in an upward trend line.
If it does not respect that support line then we will have a chance to go bearish.
All this is in the long run moves of the pair which brings me to it's most immediate projected moves.
It has some space bullish in the short term trades and if it hits the resistance lines at 1354.21 then we have a chance to short it towards the levels of the next support lines of 1171.02
In fact this is one pair that has an opportunity to short and make good returns either this week or the next if it hits the 1336.25 level given there is volume in the market.
Remember to trade with good risk management. Avoid greed. Avoid unrealistic expectations with relation to the size of your account. Manage your leverage levels wisely, it is what keeps you in the market and with that, see you at the other side of profits one dollar at a time.
Good luck
It has been bullish as it stands and I am waiting to see if it will respect the support lines at 1171.02 and if it does then we keep moving upwards bullish in an upward trend line.
If it does not respect that support line then we will have a chance to go bearish.
All this is in the long run moves of the pair which brings me to it's most immediate projected moves.
It has some space bullish in the short term trades and if it hits the resistance lines at 1354.21 then we have a chance to short it towards the levels of the next support lines of 1171.02
In fact this is one pair that has an opportunity to short and make good returns either this week or the next if it hits the 1336.25 level given there is volume in the market.
Remember to trade with good risk management. Avoid greed. Avoid unrealistic expectations with relation to the size of your account. Manage your leverage levels wisely, it is what keeps you in the market and with that, see you at the other side of profits one dollar at a time.
Good luck