XAU/USD - Review

FX:XAUUSD   Gold/U.S. Dollar
Today we are looking at XAU/USD             on a 4h chart with a review on my previous idea posted 11 days ago, this can be viewed in the related section below.

My original analysis predicted a shorting opportunity all the way down to the 1200.00 level, once price hit 1224.50 it quickly reversed in the opposite direction. I'm now reviewing this chart with an opinion on going long, as you can see we are currently trading within a range and price is also trading slightly above our 200 EMA. Once we hit our trendline meeting with our indicator I expect a sharp turn to the upside!

All round this has a solid PRZ zone with everything indicating a long position and RSI becoming oversold on the 1h chart.. We're in for a huge trading opportunity.

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Related Ideas

10 months ago
Even if we broke below the rising resistance I prefer to consider it a falsebreak and rather expect a correction up now.
+1 Reply
lewglasgow TOP motleifaul
10 months ago
Exactly, watch the resistance level at 1242.50 for a rejection
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