Here is our in-depth view and update on XAUUSD. Potential opportunities and what to look out for. This is a long-term overview on the pair.
Alright first, let’s take a step back and take a look at XAUUSD from a bigger perspective. For this we will be looking at the H4 time-frame.
XAUUSD is currently trading at around 2650s. Our scenarios stay the same. Let’s take another look at them with more in-depth outcomes.
Scenario 1: BUYS
We broke above 2660.
That would confirm continuation buys and we would have to keep our eye out on our next KL (Key Level) at around 2714.
Scenario 2: SELLS
We respected our KL (Key Level) 2660 and have not broke above it.
We are now targeting breaks of 2590 and revisits of 2530. If 2530 is to be broken, we could easily see our next Key Level sitting at 2480.
Personal opition:
The direction for now is unclear until we break our mentioned key levels. Be patient and stay tuned for possible scalps on this pair. Be extremely careful if we revisit 2660.
KEY NOTES
- XAUUSD breaking above 2660 would confirm buys UP TO 2714.
- XAUUSD failing to break above 2660 would confirm sells.
- Breaks below 2604 would result in sells, down to 2550 and 2530.
- If 2530 is broken, we can see our next KL (Key Level) 2480.
Happy trading!
FxPocket