XAUUSD Trading Analysis

@Colibritrader

Dear traders,

Last time I wrote about AUDUSD. There was a bullish engulfing pattern on the weekly chart. It was followed by bullish indication from the Daily chart.

Unfortunately, the daily chart also showed some weakness in the form of bullish rejection candles and a bearish engulfing pattern.

All in all, these mixed signals sent AUDUSD soaring higher initially, but then the force of gravity pushed the price lower again.

Currently, price is locked between levels of support and resistance and I am not looking to take any trades so far.

XAUUSD Trading Analysis

On the other side, the gold market looks ready for more gains.

I wrote not such a long time ago about XAUUSD. I have been bullish ever since and even though gold made a small correction, I believe it might be ready for new heights.

As you can see from the screenshot above, there is a minor demand zone, from which gold bounced back last week.

It formed a two-day bullish engulfing candlestick pattern and now is ready for more gains.

I will be looking for a small retracement on the 4H chart and a candlestick confirmation in order to possibly go long. 1510 looks like a good level for a retracement.

A good take profit level that I am considering is the net resistance level at around 1550.

Happy Trading,

Colibri Trader

p.s.

Have you checked my article on Multiple Timeframes Analysis?

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