XAUUSD - Todays PlanWe are back after the festive period! Here is our view and update on XAUUSD . Potential opportunities and what to look out for after the Holiday season and start of the New Year.
Let’s take a step back and take a look at XAUUSD from a bigger perspective. For this we are attaching the long-term overview on the pair.
We are still following the sell bias we have published on November 27th.
XAUUSD is currently trading at around 2635 .
Scenario 1: SELLS from 2636 or 2630
That would confirm our pullback to the upside and breaking below 2630 would give us an opportunity to drop back down to 2611 or 2604 which is still one of our major Key Levels. Next we would be targeting a very important KL (Key Level) 2590.
Scenario 2: BUYS from 2645
We broke above 2636 and are trading above it. We should see more upside towards 2645 potentially reaching and breaking 2660. If 2660 is broken, it would invalidate our long-term analysis on XAUUSD.
Personal opinion:
We are still extremely bearish on XAUUSD. Safe sells would be placed at breaks of 2630 and we could potentially reach our target today (2611 - 2604). On the other hand if we start breaking above 2636 and breaking 2645, we would be looking to finally change our long-term bias and look for further buys reaching 2714 again.
KEY NOTES
- XAUUSD breaking below 2630 would confirm sells down to 2611 - 2604.
- XAUUSD breaking above 2645 would confirm further buys up to 2660.
- DXY is still holding strength and shows no signs of stopping.
Thank you everyone for your amazing support lately. We will continue to provide value to you.
Happy trading!
FxPocket
