XAUUSD
XAUUSD 2021 May 10 Week (Intraday)
Weekly | Daily | H4 = Bullish
Excellent movement from gold during the week of 3rd May.
Climatic bars A, B, C & D offered their respective long and short opportunities.
After C2, where we see Upthrust in the lower time frame, short opportunity was presented, resulting in D1.
D1 closed a third away from the low = quite strong demand there.
Test of D1 low at bar D2 offered a good trade on long.
We mentioned before that weakness appears on climatic up bar. However we need evidence.
Subsequent bars did not close lower than D2's close. This signifies strength rather than weakness.
Price action on 06 May late afternoon Asian hours prepared us for the breakout trade
during US hours, with market continuing its strength after Bar E's absorption strength .continuing into 07 May
XAUUSD 2021 May 10 Week (Intraday) - continued
Weekly | Daily | H4 = Bullish
Using daily chart here to give us a broader view of the chart.
On the last bar, we have approached a previous supply and rotation zone
(grey boxed, range approx $30, still good for intraday opportunities).
It is no surprise that price closed off the high as sellers defend their shorts.
Scenario
1) If may test these levels: 1800, 1815, if supported = long
2) Price goes into rotation as it approaches previous rotation range, may take time to
build the next move.
3) Since it is upward channel, longs can be taken at demand line of channel, i.e.
bottom of channel
Like & Follow if you find this useful.
Have a profitable trading week.
