Hello anyone who is bored / interested, I've decided to start posting my XAUUSD chart breakdowns and how I am seeing the market and where I think it may be heading. 12hr chart 1Hr Chart 30min Chart What I will be looking for either: 1. Price to test down between 2690-2700 before heading up and breaking the CTL to head back towards 2750 2. Price to break out to the upside of its current range, hit some resistance around 2717-2720 and then go on to break through There are many other possibilities for how gold may move over the next 24-48hrs but these will be the areas and situations that I will be looking for my setups
I see the 3rd spike (right shoulder) but for now I see the price behaving differently than it did the last 2 times it ran up to near 2720. If price makes a strong clean break of the current Bull TL that started near the end of Dec then my bias will shift to searching for short entries
Tuesday's Gold Charts 12Hr 4Hr 1Hr What I will be looking for: 1. Price to pullback to support around 2710 - 2725 (closer to the current Bull TL). As the area of potential support is quite wide I will be watching a 500 tick chart for signs that the market is turning back up around before I look for an entry 2. If price starts to move up from here I will sit to the side and wait for a better entry spot
Thursday Morning XAUUSD 4hr 1hr What I will be looking for: 1. For the current TL to hold the price above 2750 and then continue on for a test of ATHs 2. If the current TL (started on Monday) breaks, wait for price to move down and retest anywhere between 2715-2730. I will wait for a reversal pattern or early signs of a the bull trend resuming before looking for entries