GOLD (XAUUSD): Current Market Outlook 🥇

5 May 2021

Hey traders,

I was asked many times to give a detailed update on gold.

From an intraday perspective, the market is currently consolidating.
The price is stuck within a narrow horizontal trading range.
1795 - 1800 is its resistance
1755 - 1765 is its support.

It looks like the market participants are waiting for some fundamental trigger.

If you are a scalper/intraday trader,
consider the boundaries of the range for range trading.

If you want to catch the next wave, I would suggest waiting for a range breakout trade.

I remain bullish biased and expect a bullish continuation after a consolidation.
However, for now, we wait.

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6 May 2021

Not

Check my new idea on SILVER: