XAU/USDENTER TRADE AT OWN RISK
RSI is high on 4H, D charts, possible reset down to 2021
Posting this trade idea for sells on Gold, hold at own risk and enter at own risk.
Xauusdsells
XAUUSD 1H timeframe sellsWith the higher timeframes all being bearish, it would make most sense to be looking for sells, especially on the lower timeframes as we do not want to be fighting the trend unless we look on a smaller timeframe.
Should we see price close below our key area of support at 1881.9 then I will look for a retest of this level where we can take a sell-limit and aim for a full TP of 1873. This does not mean we won't take partial profits and move stop loss to break even at 10+ pips as risk management is key!
For buys I would need to see structure form on the lower timeframe, but right now with us being stuck in a range on higher timeframes it would be risky unless we aimed to trade within the range however something like this could take hours to play out.
XAUUSD Gold weekly timeframe breakdownAnother week of more bearish price action. All in all it was a good week for trading with no losses being taken and successful trades (all have been reviewed and broken down here)
So with price closing below another key area of support, the expectation is going into the final week and a half of August price should continue down with little to no support remaining. At this point 1860 is the next level where we could see a rejection however given how price action in the past has reacted to this level I wouldn't be surprised if we drive straight down, but I feel that's not as likely as the bull case of tapping that level and moving back up into the 1900's.
XAUUSD Gold daily breakdownoverall compared to last friday not much has changed on the daily timeframe. We have a weak bullish candle print to close the week off, despite a pump from the news released on Friday price continued to make it's way down and overall the target remains the same as what we saw on the weekly, expecting a liquidity grab at 1870 before price bounces and moves back up. We are currently in the middle of the month so how this goes from here is anyones guess, but most likely we see 1903 at the very least.
XAUUSD Gold Weekly breakdownAnother bearish week, another closure below a key level on the weekly.
The close below 1917.318 is key because this was a previous level of support when looking back over the past 3 years. With this in mind, when we have seen the weekly candle close below this level there is a high probability of price driving down to 1873, with some resistance at the 1900 level due to it being a psychological level.
Overall, my bias remains bearish.
XAUUSD Gold sells on lower TFLooking at further sells predominantly on the 5 minute timeframe, easy scalp for 10-20 pips with stop loss greater than the current range.
Previous trade we got stopped out at break even so this could be a second try at price making its way out of the range towards the next level.
XAUUSD Gold sell ideaLooking for a quick scalp as gold continues to trend down during London session, sell stop set at the level indicated in the chart 1930.268 and we will ride this down ideally towards 1928, Stop loss will be the most recent high.
XAUUSD Gold daily breakdown - sell biasThursday was one of those days, nothing but ranging which was to be expected given NFP tomorrow and the major moves being earlier this week.
To keep this short and sweet - I still expect price top continue down, however, first we need to see a liquidity grab to the upside because we can continue going down.
Overall swing bias is sells. Sell sell sell. 1900 remains my target and I have no doubt we will see it, especially with the current strength of the USD and all it takes is NFP numbers tomorrow to be higher than expected and Gold will be a bloodbath.
XAUUSD Gold weekly breakdownHistorically, whenever price has rejected the red zone price has continued down towards the 1800 level, so we continue to anticipate the weekly candle price action to continue down.
The only obstacle may be NFP this week, however outside of that expectations are for gold to continue down.
XAUUSD Gold monthly breakdownDespite gold closing bullish for the month of July, Price action indicates bears are still in control and there are opportunities for swing-sells
The reason for this is due to the fact that the 1970-1990 levels were rejected in the month, showing strong resistance is still intact and we can anticipate the support created at the 1900 level to be broken for a continuation down to 1825.
XAUUSD 1h breakdown sell ideaBased on price action and the 1h timeframe rejecting the 1960-1962 level as mentioned in the daily breakdown, I am anticipating sells. we have the 4h candle close coming up in 40 minutes so based on how that moves we can expect to react based on that. No news today so we don't need to worry about news impacting price unless it's something not on the financial calendar.
As always updates will be provided as the day goes on!
XAUUSD Gold 4h analysisMoving down from the Daily time frame we can see 2 major levels of support with a minor level of support at 1924. I don't believe price will have much of an issue getting through this price, however time will tell.
My overall gameplan will be looking for sells if we can close below 1939 with Price Action telling us in the past that 1900 would be the next logical target.
Buys would need to see 1939 reject, follwed by ranging action within this AOI (area of Indecision) and we can then move up after having grabbed liquidity and trapping bears.
Time will tell!
XAUUSD 4h analysisNow that FOMC and Unemployment claims for the USD is done, we can see price action a lot more clearly. Things to note
Daily broke yesterdays high and flipped bearish
Weekly created a weekly high and flipped bearish (did not break the previous weeks high however that isn't a major issue)
4h has closed back into our indecision range
Few things can happen here
Price rejects from this level and continues up
Price continues down to our target of 1950-1945
I will not be taking trades within this indecision range, only outside of it and on the lower time frames based on price action of closing candles.
XAUUSD Daily analysis Looking at the timeframe on a daily basis we can see that we have closed below a key level and into an indecisive range.
The reason why indecisive ranges are tricky is down to the fact support/resistance can be anywhere due to the historical price action, there is no clear support/resistance where we can anticipate buys or sells, so treading carefully is the best case of action when trading on a higher timeframe.
When it comes to a lower timeframe, unless the indecisive range is found on these smaller timeframes being able to take trades is still possible.
Updates to be provided on the lower timeframes.
XAUUSD 1h sellsLooking at sells on the 1h timeframe - this is within the range we spoke about, however! the reason why sells are now possible is due to the news having passed, and with this new 1h candle we have seen price create a nice steep top wick, where if we can have a 5m closure below 1959.2 price should continue down.
XAUUSD gold 1h breakdownOfficially into London session and into the NY Open 4h candle. We are currently just above an indecisive range where unless we get a high amount of volume, it's best to avoid taking trades as it means we can avoid being faked-out and be stuck in a trade that won't hit our TP or SL until we get a push in volume.
ideally, we clear this range and once that's done, we can take sells and expect price to re-test the range, reject it and continue down towards our target.
Updates to be posted during the day on here and on Telegram
XAUUSD 4h timeframeThe breakdown of the higher timeframes continue, now onto the 4 hour timeframe.
What we can see is whenever price closes below our sell level, price tends to continue down to our target level.
White arrow shows our most likely price action path.
XAUUSD Daily breakdownLooking at the daily timeframe, we can see after the prior weeks push to the 1980's, price rejected this level many times before and bounced within the range of 1980-1939, this would be the most likely level where we can see price continue to on the daily timeframe should a bearish trajectory continue.
Gold will usher in a sharp decline
Gold continued to be blocked near 1986 when it was close yesterday, and it did not break through today. The lower support continued to test around 1961, and it has already been pierced. It is expected to rebound to around 1970 and then pull back again. At the same time, it will fall below the support near 1960 bit.
When the market falls below the support around 1960, this position will become a resistance level, and the next support will appear around 1952, but this support is not a strong support level. The strong support is around 1933, which was continuously blocked before the rise.
Therefore, the target of short gold orders this time can be seen below 1937, pay attention to the changes in support/resistance, I will continue to track market changes, and share my trading strategies at any time, please pay attention to check!
XAUUSD Gold sell ideaLooking at sells only if current candle (this hourly as well as 15) can close below the level highlighted.
XAUUSD Gold trading ideasUSD PPI news today at 1:30pm BST+1 which means Gold will be more volatile than normal, as it's also a friday price tends to move a bit more unpredictably, however taking trades with a small risk 0.5% or below of portfolio these are good setups with the correct price management strategies.
