XAUUSD 10,000 PIPS SWING IDEA
Updated
Consider why XAUUSD is moving sideways from the daily time frame down to the lowest time frames. When you zoom out to the 12-month time frame, you’ll notice XAUUSD has hit the third touch of the horizontal resistance level and is respecting it. Historically, each time it hits this resistance level, it bounces back with significant selling pressure. On the daily chart, XAUUSD is forming a head and shoulders pattern. Moving to the H4 and H1 time frames, there’s another horizontal support level that gold is trying to respect. It's only a matter of time before the bulls push the price up slightly, targeting the horizontal resistance level. Here, we anticipate strong selling pressure—a prime swing trading opportunity. Let's stay vigilant and keep our eyes on the market for the best price action!
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