Presented is a 1 hr technical buy analysis for XAUUSD.
To start we can see our EMA’s initiating a potential reversal. First we can correlate the MACD with our EMA’s. The MACD/SIGNAL lines have crossed and are just below the zero line to sentiment a cross. Next we correlate the RSI which is resting below a key resistance at 55.00. A breach above sentiments buyer control. Lastly we can correlate the RVI. We can see a curve above the 0 line. While above the zero line in an uptrend we can sentiment an immediate divergence for continuation or a double cross for correction and continuation. Se we have 4 main indicators that are all pointing towards buyer control.
Now we can correlate our fundamentals. I correlate DXY and AUDUSD. DXY technicals are set for a drop however the price has been largely fluctuated do to treasury yields. My personal belief is this was manipulated in the sense that DXY will drop from the stimulus relief as this is a form of inflation and is set for the correction. AUDUSD is the best pair to correlate XAUUSD direction. AUDUSD is also set for trend reversal for the bulls on a technical basis. When AUDUSD is up XAUUSD is up and vice versa.
My first Tp is set for our key resistance at 1816.000 which I formulated from previous retests. Stop loss is below our current support of 1691.000 with continuation.
Please comment with thoughts and ideas. Thank you.
thanks for sharing your analysis mate..im on the silver trade and the H1 has just completed an ABCD pattern and now it seems to be forming a gartley pattern..im careful with the long waiting for it to retest the support
edptaiki
⋅
hey mate thanks for sharing this. I'm in the silver trade (XAGUSD) and im also eyeing a potential bullish impulse. currently silver H1 has completed an ABCD pattern and it may potentially form a gartley pattern, so im not positioned long yet, waiting for the pull back after this leg up. cheers
Pika7993
⋅
Yea man Silver is going up. MACD and SIGNAL are set to cross 0 line for longer term sentiment. As I mentioned with the stimulus acting as underlying inflation the dollar will drop hard along woth oil while silver, gold, and cryptos prosper