XAUUSD Daily Analysis by @OfficialKieranTrewick
XAUUSD Daily Analysis by @OfficialKieranTrewick
The overall trend is still bullish, following the correct market structure such as consistent HHs and HLs.
Following last week's slump through the 1900 barrier down into the lower 1800s price has now reached a key support and resistance level both on the dynamic front alongside horizontally holding strong previously and even creating a key order block pivot zone helping add to the defense that could be the precious metals key support area to provide that key pivotal market structure we are looking for.
With the 50 EMA currently struggling to dip below the 200 on the daily timeframe showing a short-term bearish market sign being overpowered by the long-term bull market and the 200 trend carrier gold has then successfully completed a full quarter cycle in price with 25% sitting around 1820-28, 50% sitting around 1920 and 75% at 2040.
If you ever heard the saying "Buy the Dip" best believe this is one of the best examples...We are talking about GOLD here, not JPY or AU sorry guys but you have been pretty volatile recently AU nearly going into a full-on recession. But with GOLD we pretty much know besides USD strength causing short-term weakness the metal will rise again and likely stronger than before.
Dont get too attached on seeing it go down because you should be happy either way, we all still make money. It's when we get to attached on price going a certain direction we don't follow our systematic plan therefore leaving ourselves vulnerable to emotional decisions that can impact our trading.
The overall trend is still bullish, following the correct market structure such as consistent HHs and HLs.
Following last week's slump through the 1900 barrier down into the lower 1800s price has now reached a key support and resistance level both on the dynamic front alongside horizontally holding strong previously and even creating a key order block pivot zone helping add to the defense that could be the precious metals key support area to provide that key pivotal market structure we are looking for.
With the 50 EMA currently struggling to dip below the 200 on the daily timeframe showing a short-term bearish market sign being overpowered by the long-term bull market and the 200 trend carrier gold has then successfully completed a full quarter cycle in price with 25% sitting around 1820-28, 50% sitting around 1920 and 75% at 2040.
If you ever heard the saying "Buy the Dip" best believe this is one of the best examples...We are talking about GOLD here, not JPY or AU sorry guys but you have been pretty volatile recently AU nearly going into a full-on recession. But with GOLD we pretty much know besides USD strength causing short-term weakness the metal will rise again and likely stronger than before.
Dont get too attached on seeing it go down because you should be happy either way, we all still make money. It's when we get to attached on price going a certain direction we don't follow our systematic plan therefore leaving ourselves vulnerable to emotional decisions that can impact our trading.