XAUUSD- Extended View Long Bias Spot Gold
Updated
XAUUSD on the daily chart has been in a trend down from $2179 since early May when its
candle wicks also reached into the zone between the lines two standard deviations above
two different anchored VWAPs set at the early and late February high and low pivots.
In the past week, Spot Gold pivoted above the support of the aVWAP lines one standard
deviation below the mean. The MACD indicator predicted the reversal with a double bottom
shown as a green line. Above the current price are the mean VWAP and the confluent POC line
of the long-term volume profile at 1959. From my analysis of these findings, I will take
a long trade entering @ 1959 targeting first 2000 and then 2060 based on the trending of the
aVWAP bands. I may also review the JNUG ETF and have already taken a position in GLD.
candle wicks also reached into the zone between the lines two standard deviations above
two different anchored VWAPs set at the early and late February high and low pivots.
In the past week, Spot Gold pivoted above the support of the aVWAP lines one standard
deviation below the mean. The MACD indicator predicted the reversal with a double bottom
shown as a green line. Above the current price are the mean VWAP and the confluent POC line
of the long-term volume profile at 1959. From my analysis of these findings, I will take
a long trade entering @ 1959 targeting first 2000 and then 2060 based on the trending of the
aVWAP bands. I may also review the JNUG ETF and have already taken a position in GLD.
Trade active
Dollar Value DXY hitting a bottom is a mixed blessing, If it rises from here, the neteffect may confound XAUUSD price action. Time will tell.
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