GOLD (XAUUSD) Market Outlook | Daily Forex Market Breakdown
XAUUSD
Huge movement from gold. I anticipated a retest of 1500-1515 after we rejected off 1450.
I didn’t want to take a trade because of the time of the year. I say it a lot with gold and oil you want to be very respectful and extra cautious. You do not want to be stuck on the wrong side of a gold or oil trade.
This week gold was really pinched in a tight consolidation typically when we see signs of this we will see violent movement following out of no where. Keep in mind that Gold, NZD, and AUD correlate together. We need to watch and see how this plays out for the time being. Gold could roll over to the downside, but right now the bulls are in control and there is no signs of gold slowing down just yet.
Huge movement from gold. I anticipated a retest of 1500-1515 after we rejected off 1450.
I didn’t want to take a trade because of the time of the year. I say it a lot with gold and oil you want to be very respectful and extra cautious. You do not want to be stuck on the wrong side of a gold or oil trade.
This week gold was really pinched in a tight consolidation typically when we see signs of this we will see violent movement following out of no where. Keep in mind that Gold, NZD, and AUD correlate together. We need to watch and see how this plays out for the time being. Gold could roll over to the downside, but right now the bulls are in control and there is no signs of gold slowing down just yet.
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