XAUUSD Trading Analysis

@Colibritrader

Dear traders,

I hope your trading week was good. The trading analysis from last time did not perform as expected.

There was a bearish engulfing pattern that formed on the daily chart.

Price reversed after it formed and went down to the nearest demand zone, which is marked on the screenshot.

XAUUSD Trading Analysis

Today I am looking at XAUUSD and it seems like there is an opportunity that is aligning itself. Price has touched the demand zone and has formed a bullish engulfing pattern.

It looks like sellers have found some ground and buyers will soon exchange hands with them soon.

I will be looking for a confirmation from the 4H chart and hopefully if price retraces a bit back down to 1465, I will be looking to enter into a long position potentially if a candlestick confirms the level.

There is a great potential if price does follow those steps to try to reach to the next resistance level at 1515.

Price will show us the way after that!

Happy Trading,

Colibri Trader 

 

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