Gold (XAUUSD) Trading Analysis

@Colibritrader

Dear traders,

It has been a while since I last shared my trading thoughts with you.

Last time I was analysing the AUDUSD and it went down and then up again to pretty much not give me a chance for profits.

Indeed, I had a small loss on this one. Seems like we are in a summer mode and the FX market is less volatile than usual.

I cannot say the same for the metals market. Let’s have a look at gold.

Gold (XAUUSD) Trading Analysis

It has been a wild ride. Gold went up from 1280 to over 1400 in just less than 2 months. There were also a few very good opportunities to go long along the way.

After the last trading session, it could just be a great opportunity to go long.

There was an inside bar on Friday. It occurred just above a multi-month resistance, which means that we might see a breakout.

I will be waiting for tomorrow’s open and see if there is a 4H confirmation of my expectations. I will be looking for a 4H pin bar or a bullish engulfing pattern.

Or why not another inside bar!

Just be careful for price action around the level of 1440. We might experience a fake breakout, so if I see some bullish rejections around this level, I might reconsider exiting my trade.

Happy Sunday,

Colibri Trader

p.s.

Check out my article on Moving Averages Here 

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