PEPPERSTONE:XAUUSD   Gold Spot / U.S. Dollar
Hello and welcome to the golds anxiety zone where you might find it difficult to determine the long term trend of the most traded metal i.e. Gold . Circumstances might prevail that may lead you to buy Gold at this point, owing to the recent correction during last and current week. But the reality is that long term direction of gold is still undecided.
For the continuation of an uptrend we need to see a daily candle opened above the 1874 mark and for the lower targets the barrier in our way ends at 1787, unless any of these levels are broken we not really in for a long term entry.
Therefore, make no haste, the market is not going anywhere and shall always present a trading opportunity.

If any of these levels are broken, the targets are marked in red and blue on the screen considering the previous data provided by the chart.

But if I were to tell you about a more probable direction, I would side with bears since there is no apparent reason for USD to weaken drastically and if the bearish engulfing or a hanging man concludes the daily candle today on XAUUSD , we have more evidence to go short.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.