Hello all,
What we probably have with XAUUSD this week for short term trading, some following scenarios for XAUUSD could be taken to considering:
At $1,974.485 USD/ounce was the highs Gold did touch, but it quickly rejected there and has been pulled back to $1,878.07 USD/ounce (50.0% Fibs retracement) on the upside.
Some important key points to keep watching for Gold this week:
1) a rebound range of 16 bucks for XAUUSD is detected from $1,894.00 USD/ounce ( if H4 candle closed above this) to $1,908.00 USD/ounce, and probably there XAUUSD will be rejected again;
2) as mentioned at point (1) above, if it occurs, then further lows at $1,850.00 USD/ounce for XAUUSD will be expected for, after that, XAUUSD will be being in its consolidating mode, and being traded with narrow price range again;
3) long XAUUSD, if in the short term TF at M15 Gold closed above $1,894.00 USD/ounce, and then target is at $1,905.00 USD/ounce for intraday trading only;
4) I prefer to short XAUUSD, in case $1,908.xx price level is being touched there, and but rejected then, target for short by that price level is expected for $1,860.xx USD/ounce for this week.
Take your look at the chart for further details.
Trade well!
TS