Overview- Gold's bullish run from 1678 double bottom is continuing so far.
Currently, Gold is approaching a key level which might open up attractive trading
opportunities for both the buyers and sellers. Let us take a look at the possible
scenarios and trade entries
Analysis - From the chart you can see that 1750 level is a key resistance level
which has seen multiple price rejections in the past. So, if there is another price rejection
at this level, the XAU/USD will reverse from this level. On the other hand a strong break
through the 1750 level will open up 1810 for the bulls to target.
Probable trade set-up - Based on the above analysis, if you see bearish
candlesticks in this key level, then open sell entries and target 1710 as TP. However,
if you see strong bullish candles through this key level, then buy the breakout and
target 1810. Make sure you don't get trapped in false breakouts.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
Currently, Gold is approaching a key level which might open up attractive trading
opportunities for both the buyers and sellers. Let us take a look at the possible
scenarios and trade entries
Analysis - From the chart you can see that 1750 level is a key resistance level
which has seen multiple price rejections in the past. So, if there is another price rejection
at this level, the XAU/USD will reverse from this level. On the other hand a strong break
through the 1750 level will open up 1810 for the bulls to target.
Probable trade set-up - Based on the above analysis, if you see bearish
candlesticks in this key level, then open sell entries and target 1710 as TP. However,
if you see strong bullish candles through this key level, then buy the breakout and
target 1810. Make sure you don't get trapped in false breakouts.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.