XAUUSD Technical Analysis 12.09.2023 1h chart
– Previous Daily candle closed weak Bullish around 1922.400 as price rejects the 1930s level (Same Rejection from last Friday).
– Buys on close above 1828.000 targeting 4h Resistance around 1934.100, Leaving Runners to the recent Weekly Resistance around 1940s level.
– Sells on close below 1916.500 targeting 4h Support formed around 1909.800, Leaving Runners to the 1h Support formed around 1904.400.
– As price continue to range on the 4h timeframe the No Trade Zone becomes larger simply because of the messy range on the Daily / 4h and the 1h, It is extremely important to wait for a strong confirmation before taking any positions.
– Buys on close above 1828.000 targeting 4h Resistance around 1934.100, Leaving Runners to the recent Weekly Resistance around 1940s level.
– Sells on close below 1916.500 targeting 4h Support formed around 1909.800, Leaving Runners to the 1h Support formed around 1904.400.
– As price continue to range on the 4h timeframe the No Trade Zone becomes larger simply because of the messy range on the Daily / 4h and the 1h, It is extremely important to wait for a strong confirmation before taking any positions.