Before previous week end we saw GJ do a further push up before market closure. Upon new week opening we could see a minor pullback before another push higher than the previous high and might be able to see a new higher high during the upcoming week.
I want to see clear confirmation of a pullback before making any decisions yet.
After such a big drop we need a correction before continuation of our down trend. Therefor I believe we gonna see that correction now.
I'll hold my position with a really tight SL for now.
First target is the S zone and 38.2 fib if we see a break I'll focus on our second target at 61.8 fib.
We all thought gold was gonna go down because of the daily pullback but after today we have confirmation that we could see gold go for 1350 area already this week.
On the H4 timeframe the price went down around previous low (not exactly), made a new higher low instead, didn't break the trendline and as a gift we received hidden divergence which means trend...
Gold has been bullish since 10th July and I don't see any reason for it to stop now. Gold is on a mission to the top or at least 1366 but I believe in 1400+ very soon in the next 1-3 weeks. I have two long positions open around 1346 and first tp is at 1366 area. Let the game begin!
looking for short entries but for now we have to wait for a push even higher since the price is around the critical zone which means anywhere in this zone we might see a reversal. Have to be looking for structure and candle confirmation before entering any shorts at this moment.
IF we manage to enter shorts here my first TP will be on or below my 0.618 extension...
Our previous analysis was long gold but as mentioned earlier we were waiting for a short movement and we will be holding this trade and open more positions for the next few trading days including next week targeting down to 1180 areas and below
Personal setup on XAUUSD
I have been long since the break of the median line in the daily channel around 1205 area. I will be holding for now targeting the 1250 levels if we see a break I will open another position targeting at least 1280.
Stop loss is already in profit so will let this trade playout over the week. I would not advice any new entries right now....
Personal analysis on USDCAD based on the daily and weekly timeframes. looking for a daily candle to close on its way down below the 0.50% retracement level on weekly and around 0.38% retracement levels on the daily. We could see a reversal being done around these areas.