XAU/USD - Why I Suggest To Wait Until $1,850.Hi everyone, in this technical analysis I will go into depth on the current chart of gold. We have seen such fantastic volatility recently because of events like the US elections and the release of information on vaccines.
This creates great trading opportunities and for scalp traders this is a dream come true. When you are trading gold on the shorter timeframes like me, this chart might help you to prepare for the new week.
I highlighted the most important horizontal zones on the chart along with why I think they play an important role at the moment and how you can use them.
In short, overall I expect the price to continue along its bearish trend until it reaches the support zone. There, I expect it to pivot and start a new uptrend instead. I would suggest to wait until about $1,850 and enter your long position there for maximum risk reward.
All the information should be visible from the chart itself. If you do have any questions or comments, feel free to comment below or send me a direct message on Tradingview.
