Lingrid | XAUUSD: potential LONG trade from the SWAP zone

Sep 5

XAUUSD has bounced off a support level and reached the significant price level of 2500. On the daily timeframe, the market has formed two long-tailed bars, indicating a double rejection of the support level. I believe the market is poised to test all-time highs, provided that upcoming news is not unfavorable for gold. On the 1H chart, the price action has broken and closed above the downward channel, suggesting that this was a pullback and that we may be seeing the end of that pullback with a possible continuation of the current trend. I expect the market to retest the swap zone before moving to higher levels. My goal is resistance at 2527


Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Sep 6

Trade active

The price has rebounded perfectly off the support level identified in my previous analysis. With the anticipation of the upcoming NFP and unemployment data, we can expect heightened volatility and potential price spikes. Currently, the price appears to be oscillating as it consolidates after the support rebound, which could suggest that it is gearing up for a breakout. However, it is also essential to consider that if the economic data comes in negatively for gold, we might witness another bounce off the resistance, potentially pushing the price below the 2500 level. That said, given the overall bullish trend, I remain optimistic about the potential for prices to continue moving higher in the long run. My goal is a resistance at 2530

Sep 6

Trade closed: target reached

As forecasted