XAUUSD Week Ahead
Last week I posted some notes on possible intraday Opportunities for GOLD pair. Since today is Sunday, I figured out that I would analyze for the week instead of for only Monday. Analysis for Monday will come by 12 pm SGT.
So first thing first, Gold as what you can see on Friday, shows some slight bullish momentum until NFP report was released. What happened during that time was market liquidating all short positions prior to making it move towards the trend.
On Wed and Thursday, we've seen the market rejected around the 1950 region. What would happen on a normal friday is that people would start queue-ing short positions around 48 and put their stop loss about 50 pips and what happened is that the market liquidated all the short positions and then dropped to the next support zone.
After the NFP, we can see that gold dropped all the way to 33 region and was supported.
My thought is that there's some weakness in the market and should price break below the 30 region it should easily revisit the 1910 region. Therefore this would mean that we should be looking for possible shorts in the upcoming week.
I would monitor the price action in both H4 and H1 chart and looking for key rejection (bearish engulfing / pinbar) in highlighted areas and enter short for swing trading.
For intraday trading, I will be looking for opportunities in the smaller timeframe on both key support and resist for either directions.
Key Zones for Resistance
1950
1938-1941
Key Zones for Support
1932-1935
1920-1922
1900-1905
Do drop a comment and let me know if this analysis is beneficial to you. I'm open to suggestions on how I can further improve on this analysis.
DIsclaimer: This is not a financial advise and please DYODD if you're about to risk money on the market. Please only risk on the amount which you can afford to lose as market is a volatile place.
So first thing first, Gold as what you can see on Friday, shows some slight bullish momentum until NFP report was released. What happened during that time was market liquidating all short positions prior to making it move towards the trend.
On Wed and Thursday, we've seen the market rejected around the 1950 region. What would happen on a normal friday is that people would start queue-ing short positions around 48 and put their stop loss about 50 pips and what happened is that the market liquidated all the short positions and then dropped to the next support zone.
After the NFP, we can see that gold dropped all the way to 33 region and was supported.
My thought is that there's some weakness in the market and should price break below the 30 region it should easily revisit the 1910 region. Therefore this would mean that we should be looking for possible shorts in the upcoming week.
I would monitor the price action in both H4 and H1 chart and looking for key rejection (bearish engulfing / pinbar) in highlighted areas and enter short for swing trading.
For intraday trading, I will be looking for opportunities in the smaller timeframe on both key support and resist for either directions.
Key Zones for Resistance
1950
1938-1941
Key Zones for Support
1932-1935
1920-1922
1900-1905
Do drop a comment and let me know if this analysis is beneficial to you. I'm open to suggestions on how I can further improve on this analysis.
DIsclaimer: This is not a financial advise and please DYODD if you're about to risk money on the market. Please only risk on the amount which you can afford to lose as market is a volatile place.
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