ShaunGadd02

XAUUSD Can Gold Reach 1843.130 AGAIN?

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hey guys hope you are all well!
It's currently looking like the bears have complete control over Gold at the moment. It is looking very likely that the market is retesting 1860.700 after a breakout to the downside from this price. As you can see on Friday, Gold had broken out of a consolidation zone @1860.700 and shot down to 1843.430. From 1843.430 price has retraced back up towards 1860.700, potentially retesting the 1860.700 support break as resistance but the market has not quite reached it yet and is currently trading in a small range between 1853.300 and 1857.820. I would like to see the market to reach 1860.700 again before moving back down to 1843.430 and potentially even further on later in the week, but there is a potential that gold could make a surprise move and never retrace 1860.700 properly. I will only be entering a SELL Position if the market makes a retest of 1860.700, but If there are any changes to the set up I will be sure to update the idea and it will then depend on market structure to enter somewhere else. As of now 1860.700 needs to be retested before entering.

If you agree with my analysis feel free to leave a like on this post!
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Comment: For those wondering what went on with this trade on Gold, I closed out breakeven @1860.700 at around 10AM GMT this morning based off the fact the market moved a considerable amount against me creating a bullish engulfing giving me a clear signal to manage risk and get out of the trade before a potential move further against me.

Comments

Thanks for your analysis. I am inclined to agree with you in the short term but expect gold to bounce hard from from 1800 and begin a major upwards trend from mid-Feb onwards.
+2 Reply
Thank you so much. Please do more update on GOLD always. More power to you
+1 Reply
A really good analysis 🧐
+1 Reply
Yeah of course, plenty more trades incoming bro and a lot of pips to catch. Let’s get it🏆
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Clean chart great work! We also see this bearish pullback happening but only leading to more buy opportunities
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Thanks man! I really appreciate your support, be sure to stay updated much more analysis on the way and plenty of pips to catch🏆💪
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Thanks bro.💪Yeah I only look to catch the short term price movements as I am a day trader and aim to be in and out of all trades I am in, the same day I place the trade whether that’s a profit or a loss. Thank you for your support, be sure to stay updated for plenty more content on the way and some major pips to be secured📈🚀
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