About time to trade gold (XAUUSD)
Hey trader, hope everything is going well on your end…
What do you think about the market so far this week?
From the way I see it, its been difficult to find good opportunities. Most currency pairs have been trading in a very tight range, not well defined, etc.
We’ve got to be patient though, I’ve learned through experience that, our job as traders is not to be in the market every day, but to be in the market when the odds are on our favor.
Even when sometimes that means to be in the sidelines for a few days (or even weeks).
That’s the reason we need to make the most when the market has clear conditions:
- Take all your signals
- Increase the trading size when the market moves on your favor and gives you new opportunities
- Keep trailing your stop, but giving the market enough room to breath
- Trade only the currency pairs that have a great profit potential, etc.
What’s your take?
Ok, now to the XAUUSD (gold) analysis
XAUUSD Long Term Analysis (gold)
One of the things I like about the XAUSUD daily chart is that it has a pretty clear support level:
Its clear that the market has been rejected from that level… so it is likely to continue its way up…
Now the tricky part…
The resistance level isn’t that clear… some will say there is a bearish trendline, but I dont like to use them as they are somewhat subjective, you can draw them and place them to your liking, etc.
So I’m going to stick to regular support and resistance levels.
With that being said, we can play it safe and use 1320 as the next LT resistance level, which comes from the previous rejection…
Now we just need to fin a good entry level on the short term charts…
Are you currently trading the XAUUSD? Whats your opinion about it?
What other currency pairs are you monitoring/trading?
Share your thoughts!