FOREX Chart Of The Day: GOLD What Next
Have you traded Gold recently?
The commodity continues to rally, but what are the key levels to look out for?
Watch the video to learn more…
Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.
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In this video, We’re going to talk about XAU and what’s next for it.
We were looking to buy the market this week on XAU. Unfortunately, we didn’t get the pullback to trigger us in, but the price has rallied to the upside, and we’re expecting to see a little bit of a higher price as well.
We were looking to buy the market. It came and retested this area of a structure, down here, where we can see the market bounced, rejected a couple of times, bounced through, then found support with these little areas, through here. So, I quite like the idea of price heading towards this zone, in particular. As well as this zone, through there. And obviously, there was some order being filled on XAU previously because we have resistance, support, support, and lots of wicks going around this area. When the price approached this point, I expected the market to bounce from this area. The price is now starting to climb to the upside. It’s coinciding with the US Dollar weakness that we’ve been expecting as well. There’s a really good area where we found support, support, support, and resistance.
Are we going to use this area of support again? So I’m looking for the price to dip back towards this 1857 level to continue looking for that buying opportunity on XAU because if we look here, the market has a nice resistance trend line, through here. I’m expecting this third touch bounce off of this trend line. Buyers stepped back in the 1857 breakout, and now, we look for some further upside.
So XAU is looking good at the moment. I like the idea of buying this market. I like the idea of buying it short-term as well.
So, if you were to look at the four-hour timeframes and have a little look at the trends, through here, we could see that the price is breaking nicely every time it comes back in. So, I’m expecting to either retest at this structure or a continuation.
So, we’re expecting the market to bounce at these areas. Let’s just wait to see in the short term. We’re looking for longs into those key areas of resistance and then we’ll see if we can break out of the longer-term resistance from then. But, right now, I like the idea of buying XAU and going long. Look for pullbacks on the markets and look for decent support and resistance areas.
Thanks for watching. I’ll speak to you soon.
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