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xauusd analysis

XAUUSD Bulls Incharge? Gold Weekly Analysis

XAUUSD Bulls Incharge? Gold Weekly Analysis

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As we come to the close of the trading week we see gold definitively break out of the consolidation zone to the up side. As mentioned earlier this is the signal we had been waiting for to pick up long positions on gold. On Tuesday XAUUSD retest the downward trendline which provided for an aggressive entry point at 1889.800.

Now towards the end of the trading week, the pair is approaching a resistance zone at 1916.502. On the break and retest of this level we’d be looking to pick up long positions targeting 2035.662. Overall on the weekly chart we look at this as a continuation of the long term bullish trend on the pair.

Heading to the NewYork session what’s your sentiment on XAUUSD?

Gold Bears/Bulls who takes the Reigns with the Dollar Fluctuating? XAUUSD Analysis

Gold Bears/Bulls who takes the Reigns with the Dollar Fluctuating? XAUUSD Analysis

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Gold has been consolidating within a wedge for the recent past and the trend traders have not really had a chance to get into any positions. The dollar has had some major boosts as well as letdowns from a fundamental perspective in regards to the economic status of the country which has led to the pair being range bound within this wedge.

Yesterday we had XAUUSD test an upward trendline for the forth time at 1792 where it has consistently held forming higher lows since September last year. The bulls on Tuesday this week were also unable to break the downward trendline on the second retest at 1854 causing price to rally back down within the last two days.

As we close the trading week, we await to see whether the trendline will hold yet again and the bulls prevail or price will finally break this level and we may start looking for short opportunities. It is also noteworthy that this level coincides with a support zone on the lower time frames (H4) which makes it of key importance to watch as you trade the pair.