We hope that you have had a nice profitable week so far in the Markets. There has been some very nice large moves that is for sure.
So in this article we will be looking at XAU/USD – Gold.
First of all it is key to note that the daily market structure is currently bullish with the market printing higher highs and higher lows.
Recently we did post a Gold short on our Instagram newsfeed which did achieve our -27.2% fiboancci extension however failed to continue to the downside.
Now taking a look at the 4 Hour timeframe, we can see that price has broken back above our 20 & 50 EMA’s, with price also now breaking above the small descending trendline.
We are now watching the area of 1315.95 which is highlighted on the chart below. If price breaks above this area then we will be looking to take a long position back up to the 1325.00 resistance area.
James at Technical FX69