GOLD XAUUSD > Analysis > 08 February 2022

Continuing from last weeks analysis. Wave E is currently on track (reference last weeks chart for an overview). Highlighted in red we can see that we have hit a strong resistance point. And expect some short term sells to 1817. If broken we could expect at least 1810 based on drawn fib. However given how gold is holding and fundamental data I am expecting 1840 by end of the week.

Possible setups
Sell 1820
Tp1 1817
Tp2 1810
tp3 1790
Stop@ 1826

Buy 1817
Tp1 1826
Tp2 1837
Tp3 1860
Stop@ 1810 (alternatively - stack and add another buy depending on how things look, or wait until 1810 hits before any buys)


Good luck.

Comment:

Tp1 of buy hit and can expect 1835-5. Maybe look for sells from here.

Comment:

1835 hit with Tp2 almost complete. Whilst I still expect 1860 this week, with CPI data released today, for safe trading I would recommend to take winnings and enter again after.

Comment:

TP2 officially hit out of news volatility. Ranging expected for rest of day. Look for buy opportunities around 1817-22.

Trade closed: target reached:

Tp3 1860 hit. 430 pips.. enjoy. Stay tuned for this week.