It’s about time to start looking for trades in Gold (XAUUSD)

gold

How is everything traders?

Did you take advantage of my article yesterday about GBPCAD new signals? Please let me know.

You know something, we shouldn’t mind about the instruments we are trading…

There are only three things that we should consider when adding new instruments to your list:

  • It should have a lot of volume
  • It should have a clear market condition
  • And a good profit potential

And you are good to go!

Just don’t adventure and trade exotic currency pairs or instruments alright? Make sure you are trading high volume instruments.

I think we need to keep adding instruments, you just need to make sure you get to know them before you actually taking those trades.

What kind of instruments should we consider adding:

  • Commodities such as gold (XAUUSD) or oil
  • Currency pairs such as USDNOK or other
  • Indices as DAX, FTSE or others
  • High volume stocks (large caps)

What do you think?

So here is my XAUUSD Analysis…

XAUUSD Analysis

Its been a while since the last time I traded gold (XAUUSD)… in the last few months, it has been trading very slow…

But a few days back it broke through an important support level, which means that it might start to move a little faster…

Here is what the long term chart looks like:

XAUUSD 1W

So it looks like it is trading in a very clear bearish condition aka bearish sentiment.

Which means that I’m going to start looking for short opportunities.

Now we just got to be patient and wait for clearer levels on the short term charts to look for our entries.

Your turn

Do you usually trade XAUUSD?

What do you think about my analysis?

Share your thoughts.

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .