XAUUSD ANALYSIS

12 maj 2021

GOLD HAS BEEN ON A DOWNTREND (1D) FOR A WHILE NOW. ITS CURRENTLY REACHING THE UPPER PART OF THE DOWNTREND CHANNEL (GREEN TREND LINE) WERE WE COULD SEE AGAIN THE START OF THE MOVE DOWNWARDS TOWARDS THE OTHER LIMIT OF THE CHANNEL (ABOUT 1614 GIVE OR TAKE). THAT WOULD BE ON A LONG TERM. ON THE SHORT TERM AND SHORTER TIMEFRAME (1H) AFTER THE CPI NEWS WE WENT BACK DOWN TO 1825 AND BACK AGAIN TO THE 1842 TREND LINE RESISTANCE WHERE WE BACKED OFF AGAIN REACHING AND FOR NOW STAYING IN THE 1825 RANGE. IF THE CANDLE GIVE US A CLEAR CLOSE UNDER 1825 WE CAN POSSIBLY SEE THE START OF A DOWNTREND MOVEMENT TOWARD 1790.75 TO START WITH. A GOOD TIME TO ENTER A POSITION IF THE CANDEL CLOSES UNDER 1825 WOULD BE WHEN THE MARKET MAKES A PULLBACK TOWARDS 1825. IF THE CANDLE REMAINS ABOVE 1825 A GOOD TIME TO ENTER A BUY POSITION WOULD BE WHEN A CNADLE FORMATION GIVE US A CONFIRMATION. NON THE LESS IS UP TO YOU TO MAKE YOUR DECISIONS, IM JUST GIVING MY OPINION

SORRY FOR HOW SMALL THE CHART LOOKS

THANK YOU