XAUUSD 19/5/23 Outlook. 1944 level is critical!
Good evening gold gang, hope you are all well and had another monster trading day with not one but two targets smashed to pieces. 200 pips potential on the table.
Ok price is approaching a very critical level of 1944 .. that was the feb 2023 high and is a huge level in history .. if price was to react from this and move back up, we could see another run on ATH (all time high) but we would need some world bad news there for that final push. Gold has been on an uptrend all year .. and a break below the 1944 can mean we see it create a nice long term down trend once again with dollar pushing up.
Either way, we are ready for buys or sells each day as always.
Buys are counter trend and placed above a potential pull back fakeout .. so they are straight forward. Sells has another pesky zone in the middle that can cause reaction just as todays did .. so stay frosty and use tight risk management.
Lets see what tomorrow brings, the last few fridays has given us some amazing volume to work with, and with a let speech by powell, it might be we wait all day for it .. but it will be worth it.
Have a good rest of your day/evening .. see you in the morning for the open
tommyXAU
Ok price is approaching a very critical level of 1944 .. that was the feb 2023 high and is a huge level in history .. if price was to react from this and move back up, we could see another run on ATH (all time high) but we would need some world bad news there for that final push. Gold has been on an uptrend all year .. and a break below the 1944 can mean we see it create a nice long term down trend once again with dollar pushing up.
Either way, we are ready for buys or sells each day as always.
Buys are counter trend and placed above a potential pull back fakeout .. so they are straight forward. Sells has another pesky zone in the middle that can cause reaction just as todays did .. so stay frosty and use tight risk management.
Lets see what tomorrow brings, the last few fridays has given us some amazing volume to work with, and with a let speech by powell, it might be we wait all day for it .. but it will be worth it.
Have a good rest of your day/evening .. see you in the morning for the open
tommyXAU
Comment:
Ok guys pull back as expected and now looking like we are coming back in line with the trend. Bulls are getting trapped as we speak. Thats why i have my levels where i do to avoid fakeouts
Comment:
BOOP!!! Target destroyed. Simples. Well done anyone who got there .. long day but worth it for that banger.
Comment:
Well that concludes another banger week in the markets .. few hundred pips caught and its beer time! .. congrats anyone who got in. See you on Sunday for the outlook once again.