Hi guys, That's my price action analysis about XAUUSD.
Before start with this PA Aanalysis I would like to make some considerations on Gold. I would to start by saying that we all know well how gold is considered: a safe haven asset. It has always been for thousands of years, and it is the only one that still is today. There is no more protection than gold can give when things go wrong, & today, we know well what panic situation we are living in. So, has this rise surprised us? Although some intraday analysis may have been short, the trend has always remained Bullish & what I think is, over the years gold will have more and more power, breaking its historical maximums and continuing on its path.
Anyway, lets come back where we are now. After 8 years we are again in a Strong Sellers Area. Why so strong? Because they tried to break this area 3 times (Long Period), and the third time they tried, was the beginning of his Bearish Trend.
What I’m expecting now? I’m expecting a retracement, so I will indicate you the currently Buyers Zone. Even if I’m expecting this retracement, I repeat, and keep in mind everytime I open a Short position of this asset, that its coming the time where Gold will be more powerful then ever.
[I]Please, wait for a change of Momentum before setup a Short.
Whats your thought about Gold? Comment below. Tap a LIKE if you think is a useful idea & follow me if you want to receive notification about new price action analysis & update about this analysis.
In this post, I not recommend buying or selling so please do your own research, and follow your trading plan with a properly Money Management.
Thank you for reading.
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I'm sorry guys, just notice that next to the title's idea, my position result "Long" (In the green rectangle), thats my mistake, I'm looking for a retracement, so thats a Short Setup.
Good analysis 👍I support the long idea , however if you can, check the support and resistance values I posted.... they are a bit closer to how market is unfolding.....
Here's my view on XAUUSD