Gold at Key Support DXY Weakness Signals Potential Buy
The price of XAU/USD is currently ranging between the Monthly Open and Monday's Low.
A significant price movement is expected once it breaks out of this range, similar to previous instances shown in the chart. When the price was previously range-bound, buyers were swept out as their stop losses were hit. After a deviation highlighted in red, the price regained strength above Monday's Low, which acted as support/resistance, leading to a strong move towards the Previous Month's High.
Currently, the market is in a range, and the DXY (US Dollar Index) is showing short-term weakness. If the price deviates and holds the Monthly Open as support, that will be a signal to buy, with a target at the Previous Week's High.
However, if the Dollar turns bullish and XAU/USD drops below the Monthly Open, we will revert to range-bound trading. In this case, we would play within the range until the price breaks below Monday's Low, which could lead to a significant move towards the Previous Month's Low.
For now, Gold is holding support, and we will continue to treat it as a support unless proven otherwise. Happy trading!
A significant price movement is expected once it breaks out of this range, similar to previous instances shown in the chart. When the price was previously range-bound, buyers were swept out as their stop losses were hit. After a deviation highlighted in red, the price regained strength above Monday's Low, which acted as support/resistance, leading to a strong move towards the Previous Month's High.
Currently, the market is in a range, and the DXY (US Dollar Index) is showing short-term weakness. If the price deviates and holds the Monthly Open as support, that will be a signal to buy, with a target at the Previous Week's High.
However, if the Dollar turns bullish and XAU/USD drops below the Monthly Open, we will revert to range-bound trading. In this case, we would play within the range until the price breaks below Monday's Low, which could lead to a significant move towards the Previous Month's Low.
For now, Gold is holding support, and we will continue to treat it as a support unless proven otherwise. Happy trading!
Trade attivo
The trade is progressing as planned. As long as the Monthly Open remains as support, the price will continue its trend toward the Previous Week High, as there is inefficiency that needs to be addressed. I will keep you updated further on how to trade Monday range.Trade chiuso: obiettivo raggiunto
Congrats who took the trade, Trade is almost at TP. I've shared other trade ideas for Gold do check and follow.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.