Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the XAUUSD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis: The price recently broke a falling wedge to the upside, and considering the overall market condition, a further bullish movement is expected. Currently, we can see the market still correcting, another leg down is definitely possible before to get our first setup.
When, where and why would we step into the market? The price action at the moment looks quite bullish, so we will be looking only for buy positions, if the corrective structure will be confirmed by breakout and further price action we will definitely enter this market, targeting the next swing level at 1800. In the scenario of market reversal or the price just dropping without confirming our bias, no action will be taken on here.
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Sincerely, Cybernetics Trading Lab
DISCLAIMER Please note the views are not investment advice and should be used only for educational purpose.[/I]