My view of XAUUSD.
The chart is a bit full, let me break it down.
I’m leaning towards a short, BUT only if we respect the 1834 level. I would personally enter on 17th of September 2021 after CPI is released. My prediction is that we can see 1834 level again after CPI release. If we do break the 1834 level, with a clear continuation (no “fakeouts”), I will not enter as we might go to HH (higher highs). Like I said before, my idea is valid only if we respect the 1834 level again. My entry would be at 1834.5 with a Stop Loss at 1842.64. My Take Profit is at 1685. We could break the order block if we hear more about, raising interest rates and tapering stimulus… then DXY will gain strength resulting in XAUUSD dropping. Yet again, hearing about it is not enough, we need to see some actions being taken. If not, we might head back up from the order block while inflation stays the same or increases. On the bottom (blue candles), you can see the previous double bottom that took place in the order block at 1680.
PARAMETERS
- Entry: 1834.5
- SL: 1842.64
- TP: 1685
KEY NOTES
- CPI releases on 17th of September 2021.
- Entries after CPI releases.
- Respect of the 1834 level again would result in a valid sell.
- Break of the 1834 level with a clear continuation would result in short being invalid.
- We could break the order block if we hear more about, raising interest rates and tapering stimulus.
- Double bottom at 1680 could repeat.
Enjoy the rest of your weekend and happy trading.
The chart is a bit full, let me break it down.
I’m leaning towards a short, BUT only if we respect the 1834 level. I would personally enter on 17th of September 2021 after CPI is released. My prediction is that we can see 1834 level again after CPI release. If we do break the 1834 level, with a clear continuation (no “fakeouts”), I will not enter as we might go to HH (higher highs). Like I said before, my idea is valid only if we respect the 1834 level again. My entry would be at 1834.5 with a Stop Loss at 1842.64. My Take Profit is at 1685. We could break the order block if we hear more about, raising interest rates and tapering stimulus… then DXY will gain strength resulting in XAUUSD dropping. Yet again, hearing about it is not enough, we need to see some actions being taken. If not, we might head back up from the order block while inflation stays the same or increases. On the bottom (blue candles), you can see the previous double bottom that took place in the order block at 1680.
PARAMETERS
- Entry: 1834.5
- SL: 1842.64
- TP: 1685
KEY NOTES
- CPI releases on 17th of September 2021.
- Entries after CPI releases.
- Respect of the 1834 level again would result in a valid sell.
- Break of the 1834 level with a clear continuation would result in short being invalid.
- We could break the order block if we hear more about, raising interest rates and tapering stimulus.
- Double bottom at 1680 could repeat.
Enjoy the rest of your weekend and happy trading.