Advice For Day Traders: XAUUSD is not tradable between the range of 1766 to 1745. They are trend changer levels.
Gold's Simplified Trading Strategy: According to Elliott Wave theory, it was in a corrective wave. It has completed the ABC, and now gold can start marching for a new impulse phase. Therefore, we can expect the gold's target price 1782 - 1790+.
In simple language, you should wait for the breakout of 1766 or 1745. Because of that's a crucial level for XAUUSD traders.
If gold will breakdown the 1745 level, then the downtrend will begin. And that downtrend can drag it down up to 1730 - 1706 - 1686.
Please note, don’t forget to watch significant releases or events mentioned above in the chart that may affect the movement of gold, silver, and crude oil.
Tuesday, Sep 21, 2021 18:00 Building Permits (Aug) - Medium Impact
Wednesday, Sep 22, 2021 02:00 API Weekly Crude Oil Stock - Medium Impact 19:30 Existing Home Sales (Aug) - Medium Impact 20:00 Crude Oil Inventories - High Impact 23:30 FOMC & Fed Interest Rate Decision - High Impact
Thursday, Sep 23, 2021 00:00 FOMC Press Conference - High Impact 18:00 Initial Jobless Claims - Medium Impact
Friday, Oct 01, 2021 18:00 PS MoM - Medium Impact 19:15 Manufacturing PMI - Medium Impact 19:30 Michigan Consumer Sentiment - Medium Impact
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New Update on Gold:
Trade closed: target reached
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Gold has achieved our target by making a high of 1787.