The pair was consolidating just below the trend line which had a resistance just above at 186.162. It was appropriate to take a buy once it broke the trendline, as it had a resistance above, we need to look for buy and sell when the pair come close to the resistance.
As the pair broke the resistance, took a buy trade on candle close and kept a strict stop loss...
After yesterday's upmove from 1935.369 to 1948.108, Now we are seeing a good consolidation at higher levels. The lowest point in the consolidation is 1943.762. If we see a break down at the lowest point of consolidation, we have a clear down range till 1941.938, 1941.265.
After a good up-move from 183.286 till 185.964. We can see a consolidation between 184.563 and 185.656, which has a support of 184.563. If we are able to breach the support and able to close the candle below the support level with a good confirmation candle, we can take a short trade with a good target of 183.992 and stop-loss above the buy candle.
The Volume...
The main plan was to sell XAUUSD once it breaks the level of 1981.197, with a target at 1974.982 and stoploss above the buy candle (1984.561). But it retraced itself till the high before subsequently following the anticipated downward trajectory towards the target area.
If we break the high of 183.794, there is a buying opportunity with a target of 184.320.
If we breakdown the level of 183.179 ( 1 hr resistance, broken and now taking support ) we have a clear range till 182.584.
As seen in the previous few sessions, the index has significantly moved up breaking all the resistances. Now it has arrived at an important daily resistance range of 15280 - 15300 (20 points).
If it Breaks the support level of 15120, we can look for a good short opportunity with a range till 15030 (approx 100 points) or the index could experience periods of...
