YGForex

Interesting Movement by XAUUSD!!! Full Outlook on Price Action!!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
As of now, im BULLISH bias for XAUUSD. Lets start off by looking at the recent price action which will start proving my stand. (Focus on orange circled areas) Alright, lets start off by the first important price action when price level get rejected from the once broken trend support level. As predicted, that gave us a short opportunity. As of now, price level tested this trend support level once again but with a slightly different price action. What we saw was price level moving back, obeying the trend. We saw a retest which was obey our chart. Today's candle is rather interesting we did see a sudden bearish movement initially retesting a support level @ 1747 price level. What we like to see today is a BULLISH close.

What we should watch out for?
Definitely, we yet to see a breakout from the resistance level @1768. I will like to see a nice breakout next week which will give us a big likelihood to see 1800 price level where there is a strong trend resistance level present. Therefore, as of now, Im waiting for a bullish breakout to confirm my take for gold. Definitely, if we see a breakthrough which I doubt so as of now due to a strong bullish price action, we should adapt and sell at a retest to trend support level.

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