XAUUSD 1H Huge Volatile Openings

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Morning guys,

XAUUSD has been consolidating around since the metal dropped on the 17th of June to around 1770 with lows of 1760. The metals bearish outlook stabilised since then and we've been patiently waiting for the bulls to push 1800. Whilst we've been waiting, opportunities to ride the consolidation up and down have opened and these have been pretty solid as we expect XAUUSD to bounce between consolidation support and resistance lines. The following graph shows how we can take advantage of this today at the start of the European session and heading into the American session whilst also gearing up for the Initial jobless claims 4 week average and the GDP annualised.

Dependant on the outlook of those reports we could see gold take a dip as I expect the IJC to look promising, this would only create a great buying opportunity and we can expect the GDP annualised to look poor due to obvious reasons. This should just remind all the bears out there that we're still reeling from all the financial shockwaves of the pandemic and huge government spending. Again, inflation is surging and by no means is the USD out of the woods.

In the attempt to keep this one short and sweet, technically, we can see XAUUSD rising to the previous resistance of 1795 with the hope of bounding further on to the famed psychological level of 1800, couple this with the reports released today and we can see volatility playing a major factor towards 1820 and beyond although this remains unlikely. The support at 1795 will look reasonable strong and i feel if we break that we'll definitely push onto 1800. Risk management has me being cautious of the 1760 mark as if gold hits that I feel will continue to fall as the bears rally and USD bulls push on the move of the reports.

Have a great day guys!