Xstrizle Ranges - An Outlook on XAUUSD Gold Spot
Here is my outlook on XAUUSD Gold Spot after the strong breakout we had Friday.
Looking at current price levels i see 2515.50 being tagged first before a move south or continuation upwards.
Downward levels are marked up if 2515.50 area resists. First support is sitting at 2478.60.
If gold closes and holds above 2515.50 price will enter the next range up and the first magnet level will be 2534 with 2552.50 being resistance at the top of the range.
Remember that price can wick into the purple boxes (support & resistance zones) but the body close of the candle is what counts. I look at the 1h candle body close. Have a look at my chart and what you see with candle body’s at each level you will notice what happens when closing above or below.
Taking a look at the higher time frame gold has broken out of a sideways consolidation with good strength so seeing the first support level of 2478.60 holding up will be a huge sign of continuation upwards. Based on the previous breakout which held almost an identical sideways range the price of gold could reach 2750 on this next leg up.
Good luck and remember consistency, discipline and a good trading plan will ensure you do well in the markets. Risk management is key. Lose a little gain alot.
Lastly its bull until its not.
Looking at current price levels i see 2515.50 being tagged first before a move south or continuation upwards.
Downward levels are marked up if 2515.50 area resists. First support is sitting at 2478.60.
If gold closes and holds above 2515.50 price will enter the next range up and the first magnet level will be 2534 with 2552.50 being resistance at the top of the range.
Remember that price can wick into the purple boxes (support & resistance zones) but the body close of the candle is what counts. I look at the 1h candle body close. Have a look at my chart and what you see with candle body’s at each level you will notice what happens when closing above or below.
Taking a look at the higher time frame gold has broken out of a sideways consolidation with good strength so seeing the first support level of 2478.60 holding up will be a huge sign of continuation upwards. Based on the previous breakout which held almost an identical sideways range the price of gold could reach 2750 on this next leg up.
Good luck and remember consistency, discipline and a good trading plan will ensure you do well in the markets. Risk management is key. Lose a little gain alot.
Lastly its bull until its not.
Note
The HTF Note
Gold has reached Halfway of the HTF target. Looking to enter a swing buy to the upside after a retest of the 2614.50 area.
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