XAUUSD Trading Analysis

@Colibritrader

Dear traders,

It has been a while since I last posted a trading analysis, especially on the commodities side.

Im my last article, I walked you through my thoughts on the GBPUSD and Brexit.

In this article, I wanted to share my observations with you on Gold.

 

XAUUSD Trading Analysis

I am seeing a bullish engulfing pattern on the daily chart from yesterday (bear in mind that the screenshot was taken last night but I didn’t have the time to upload it).

There is a minor support level at 1280, which plays a good role as a level of demand.

I am looking at the level of 1300 and can see a lot of sellers concentrated there. So, I will be careful in case I take a long trade around this level.

Currently, I am waiting for a 4H confirmation candle if I am about to take a long or not.

If such candle does not occur, I will be waiting for price to re-test the 1280 level and show me another confirmation or rejection, so I can take the necessary action.

Happy Trading,

Colibri Trader

 

p.s.

Check out my recent article on Trend-Following Strategies

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