XAUUSD

Here is our view and update on XAUUSD. Potential opportunities and what to look out for.

Since our last analysis on XAUUSD, it has followed the second scenario and dropped down to 2640 and now even lower. With this in mind, we now have again two possible scenarios. We are sitting at two important KL’s (Key Levels) and we will be sitting out until we see a clear break. It might look like a mess, but it’s pretty simple.

Scenario 1: BUYS

We broke above 2640. That would confirm continuation buys and we would have to keep our eye out on our next KL (Key Level) 2660.

Scenario 2: SELLS

We broke below 2604, and are now targeting breaks of 2590 and revisits of 2550.

Personal opition:

The direction for now is unclear until we break our mentioned key levels. Be patient and stay tuned for possible scalps on this pair. Be extremely careful if we revisit 2660.


KEY NOTES

- XAUUSD breaking above 2640 would confirm buys.

- XAUUSD failing to break above 2660 would confirm sells.

- Breaks below 2604 would result in sells, down to 2590 and 2550.

Happy trading!

FxPocket