Hello fellow traders,
Every start of the trading day I will be posting a forecast of a pair. I do it because then I can analyse afterwards about my analysis and take into consider what did I see in the beginning of the day vs in the evening.
So basically looking at the DAILY we can see that we had a strong momentum to the downside, we managed to tap down to 1680 which is a strong psychological level for gold. A lot of buyers stepped in and we pushed the pair right back up into 1755. On the 4 hour we can see that lately we haven't had a much of a momentum and we have been starting to consolidate. The circumstances are extremely hard and I suggest every one to not hop into trades very quickly as we are lacking momentum in the markets. And by circumstances I mean the last 24h for traders. I am keen on looking for momentum coming in to the markets on the NY session or the NYSE. I don't think we will have a much momentum on the London session but everyone can be wrong, be cautious!
Looking at the 30min timeframe, that is where I set up my day trading levels for today. SELLS BELOW - 1748, if we can break this level I have set my target for 1744. as this is the next mini support. Target 2 has been set 1740. as this is a much stronger level in the market and Target 3 is kinda super target for today. i can see that we reach the Target 3 only if we have a lot of momentum coming in to the markets today.
Strong buys above - I would say it's strong buys above because we have clean candles to the left inside, if we have enough momentum we can definitely reach the Target (1) 1760. . But BE AWARE we have a strong order block on the 4H timeframe, I marked it up with red stripe.
Thank you guys, this was my XAU/USD Forecast for today August 12th. I hope you guys have a great trading day and stay happy! :)
LoneFX
Every start of the trading day I will be posting a forecast of a pair. I do it because then I can analyse afterwards about my analysis and take into consider what did I see in the beginning of the day vs in the evening.
So basically looking at the DAILY we can see that we had a strong momentum to the downside, we managed to tap down to 1680 which is a strong psychological level for gold. A lot of buyers stepped in and we pushed the pair right back up into 1755. On the 4 hour we can see that lately we haven't had a much of a momentum and we have been starting to consolidate. The circumstances are extremely hard and I suggest every one to not hop into trades very quickly as we are lacking momentum in the markets. And by circumstances I mean the last 24h for traders. I am keen on looking for momentum coming in to the markets on the NY session or the NYSE. I don't think we will have a much momentum on the London session but everyone can be wrong, be cautious!
Looking at the 30min timeframe, that is where I set up my day trading levels for today. SELLS BELOW - 1748, if we can break this level I have set my target for 1744. as this is the next mini support. Target 2 has been set 1740. as this is a much stronger level in the market and Target 3 is kinda super target for today. i can see that we reach the Target 3 only if we have a lot of momentum coming in to the markets today.
Strong buys above - I would say it's strong buys above because we have clean candles to the left inside, if we have enough momentum we can definitely reach the Target (1) 1760. . But BE AWARE we have a strong order block on the 4H timeframe, I marked it up with red stripe.
Thank you guys, this was my XAU/USD Forecast for today August 12th. I hope you guys have a great trading day and stay happy! :)
LoneFX
Trade closed: target reached
Target 1 reached, how did your trading go guys?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.