XAUUSD (Gold) Technical Analysis

by: Colibri Trader

Dear traders,

The trading setup from last week did not confirm the bearish mood from the daily timeframe. At least it did not confirm it to a degree that made me confident to trade it.

There was a two-candle bearish engulfing pattern on the 4 Hour chart, but the imminent support level of 12,930-12,900 left untouched.

That makes me think that we might see a breakout to the upside. For the time being I am leaving this instrument aside until further confirmation.

 

XAUUSD Technical Analysis

 

Today, I am looking at Gold. It seems like there might be some ground for bullish bias. After a significant drop in price, Gold currently imminent support at 1270.

It has formed a bullish engulfing pattern on the daily chart. This gives further optimism for the bulls and might be the initial sparkle for a short-medium based rally towards the closest resistance level at 1290.

The intraday 4 hour chart also looks bullish. There is a bullish engulfing pattern and I might be looking for a long entry at around 1270, but first I want to see how price will open.

If price manages to push past the 1290 level, I will be looking for the next major resistance level at 1320 and then potentially 1360.

Happy Sunday!

Colibri Trader

 

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