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Could the market head into risk off sentiment once again?
What does this mean for #Gold prices?
In this video, we take a look at the Gold chart and what could happen to the price as it re-tests a major swing level. If the risk-off sentiment returns we could see Gold rally from this zone.
Watch the video to find out 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 go through XAU as the price is now back at the range lows.
We could be seeing a potential long opportunity on XAU because we’ve been monitoring this daily trading range since the last time we spoke about it Now, the market has been bouncing between these two levels nicely.
The key highs through April has been pretty much the stopping point for XAU. The market then rallies up to the 26th of May, and since then, we’ve kept within these two levels.
What I like about XAU is that it’s back now at the bottom of the range after coming from an area of bullish momentum. When we see a bit of bullish momentum, a bit of a sideways range, we’ll continue to see the market move higher.
I like the fact that XAU has come back into this area of support now. So, I’m going to be looking for the potential of the market to rally back. We can either look for a rally back to the top of the range or even a rally towards a potential breakout in that market.
Four-hour timeframe
If I go down into the four-hour timeframe, you can see that the price has found some support, it rallied, and it looks to be finding some support again, and now, we could be forming a higher low.
We’re going to be looking for the price to break this level. So, you can see that if I look left and the market takes this level out, it would suggest that the price could remain bullish and we could look for those long opportunities up into the zone highs.
That’s what I’m going to be looking for in our XAU position.
Weekly timeframe
If we’re looking at it from a weekly perspective, and the market is still within that range, the lows are the weekly support levels.
It’s a decent area, and could be on the way back to the upside. There’s a risk-off coming into the markets with the potential for our stock markets to approach key levels as well.
It will be interesting to see how this week plays out, but I think we could be in for a higher move in XAU.
So keep an eye on that, and I’ll catch you in the next video.
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