Gold (XAUUSD) is now rangebound (2893-2928) round about 350 pips price in range. The consoludations periods will end with a high-pressure move. On the other hand, the US Index is at the support level.
The rangebound market is good for scalpers like price movement in range; they buy from the bottom and sell from the top. But in my view, the market makes 4 times the top and gives them the respect, and 5 times the bottom level. Now wait for the breakout and the confirmations of the breakout.
The possible best setups is following:
Selling Zone: 2922-2928
Stop loss should be above 2932
Take Profit Level: 2917, 2908 and 2890
The buying level should be 2896-2892
Stop loss; 2886
Take profit levels: 2905, 2916, and 2928.
Keep in mind;
The market price changed every second, and do follow the analysis with your own risk and take 1% of the account.
The rangebound market is good for scalpers like price movement in range; they buy from the bottom and sell from the top. But in my view, the market makes 4 times the top and gives them the respect, and 5 times the bottom level. Now wait for the breakout and the confirmations of the breakout.
The possible best setups is following:
Selling Zone: 2922-2928
Stop loss should be above 2932
Take Profit Level: 2917, 2908 and 2890
The buying level should be 2896-2892
Stop loss; 2886
Take profit levels: 2905, 2916, and 2928.
Keep in mind;
The market price changed every second, and do follow the analysis with your own risk and take 1% of the account.
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