Although I do not have a trade in on XAU/USD, I am however, quite bullish. One thing that I am focused on is living my pairs day in and day out until I achieve mastery and this is my first step in doing so.
If we go to the monthly time frame: I see that the previous monthly candle is a hammer and that we broke a consolidation zone. My overall target for this commodity is 1500 per ounce and my short term bias is towards the 1400 level .
On the weekly time frame: Gold has just done a higher high as well as rejected the 38.2, Weekly M.A.'s have crossed as well.
Stepping down until the daily, We closed extremely bullish with a hammer about two days ago.
The 4 hour is the time is the lowest time frame that I do my analysis. I see price exhaustion and expecting higher low to be formed. This is where I will possibly enter. Expecting price to reach 1300 per ounce before continuing to the upside.