XAUUSD Expected Price Action (Personal Journaling)
"This is a personal trading journal"
The current view I have in XAUUSD in the short/medium term is the one projected in the ghost Japanese candles.
It's obvious that the DXY is getting weaker and weaker and recession is coming in slowly with its effects. The effect has already been felt on XAUUSD and other parities. To me it seems as XAUUSD is currently overly extended to the upside, so a correction is expected when buyer pressure fades. This is a move I will try and jump in.
In regards to the real price for XAUUSD, I feel it should be in the 1800-1850$ range. A range it will probably stay in for a while once it makes some tops in the 1850-70$ level. With this said, it is still soon to see how price will act in the medium term.
In conclusion, the next expected trade is catching a downward corrective pullback. After that, buying small lots for the longer term upside move alongside with DXY shortage.
The current view I have in XAUUSD in the short/medium term is the one projected in the ghost Japanese candles.
It's obvious that the DXY is getting weaker and weaker and recession is coming in slowly with its effects. The effect has already been felt on XAUUSD and other parities. To me it seems as XAUUSD is currently overly extended to the upside, so a correction is expected when buyer pressure fades. This is a move I will try and jump in.
In regards to the real price for XAUUSD, I feel it should be in the 1800-1850$ range. A range it will probably stay in for a while once it makes some tops in the 1850-70$ level. With this said, it is still soon to see how price will act in the medium term.
In conclusion, the next expected trade is catching a downward corrective pullback. After that, buying small lots for the longer term upside move alongside with DXY shortage.
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.