XAUUSD CHART
Gold has made a clean run up over the last week due to fundamentals and technicals in play. However, we have approached a weekly resistance whereby we are seeing forms of exhaustion on the higher timeframe which is expected. There's a possible shift in structure as lower lows and lower highs are forming. I am favoring shorts as of now however as price is still very bullish, i will wait for more confirmations.
Safer shorts will be below 1867 upon the breakout of the 4hr consolidation zone to retest 1860 again which will net us estimate 70 pips
Safer buys will be above 1881 key level. Upon a break above 1881, i can see us heading to 1890 key level possibly to 1900 psychological level.
Gold has made a clean run up over the last week due to fundamentals and technicals in play. However, we have approached a weekly resistance whereby we are seeing forms of exhaustion on the higher timeframe which is expected. There's a possible shift in structure as lower lows and lower highs are forming. I am favoring shorts as of now however as price is still very bullish, i will wait for more confirmations.
Safer shorts will be below 1867 upon the breakout of the 4hr consolidation zone to retest 1860 again which will net us estimate 70 pips
Safer buys will be above 1881 key level. Upon a break above 1881, i can see us heading to 1890 key level possibly to 1900 psychological level.