XAUUSD analysis continued
Continuing from our weekly and monthly reviews, we analyze the daily charts to look for cues
After a good long run up from end of May 2019, price went into a downward channel from Sept 2019.
Price has just broken out of the channel. However, one must beware and look for confirmation before going long.
RSI is showing a bullish divergence and we may see the price inching upwards. Best to wait for a bounce off the resistance line of the downward channel before going long. We have seen many a times, when we have a false breakout, price quickly oscillates to the other end of the spectrum and often tests those levels
Look at my weekly and monthly views also to see how the charts span out
Important support and resistance levels
S1 : 1443
S2 : 1399
R1 – 1515
R2 – 1530
R3 – 1559
Combine these with the support and resistance levels in my analysis on monthly and weekly chart to find cues on how to trade and manage the risk.
Always look at candle close for the appropriate time frame to see if the support/ resistance is breached.
IF you like what you read, please share your comments below and share a thumbs up!
Cheers
Continuing from our weekly and monthly reviews, we analyze the daily charts to look for cues
After a good long run up from end of May 2019, price went into a downward channel from Sept 2019.
Price has just broken out of the channel. However, one must beware and look for confirmation before going long.
RSI is showing a bullish divergence and we may see the price inching upwards. Best to wait for a bounce off the resistance line of the downward channel before going long. We have seen many a times, when we have a false breakout, price quickly oscillates to the other end of the spectrum and often tests those levels
Look at my weekly and monthly views also to see how the charts span out
Important support and resistance levels
S1 : 1443
S2 : 1399
R1 – 1515
R2 – 1530
R3 – 1559
Combine these with the support and resistance levels in my analysis on monthly and weekly chart to find cues on how to trade and manage the risk.
Always look at candle close for the appropriate time frame to see if the support/ resistance is breached.
IF you like what you read, please share your comments below and share a thumbs up!
Cheers
Trade active:
Price has hit target 1 (Resistance 1) and now possibly headed to R2. There was an attempt to breach 1530, price made a high at 1525 but fell short.
Trade closed: target reached:
Target achieved, R3 1559 hit
Comment:
Lovely breakout, new support zone is 1554 levels...we can already see beginning of Jan 2020, its acting as a great support/ resistance zone
