XAUUSD is currently on a retracement from the Asian high of the day at $3365. Looking for a Long opportunity from either the pivot level at $3351 (Break and Retest zone) or the Asian lows of the day at $3342.
Momentum is in favour of further bullish movements with these key level provide the best platform for the market to continue the bullish move. Price is trading above both the 21 and 50 SMA at these levels and is perfectly situated in the sweet spot region of the RSI (between 45-55) indicating that the retracement is nearing the end and we could see a pivot in the next few hours.
Looking for entry on the 5 minute chart and will be awaiting the NY market open for added liquidity into the market which could push it further into the bullish territory and beyond the high of $3365. Will need to be wary of the volatility at the open but will be looking at this bullish move continuing throughout the NY Session.
Will also be awaiting the release of CPI to confirm the strength in Gold and weakness in USD for added bullish confluence for this market.
Momentum is in favour of further bullish movements with these key level provide the best platform for the market to continue the bullish move. Price is trading above both the 21 and 50 SMA at these levels and is perfectly situated in the sweet spot region of the RSI (between 45-55) indicating that the retracement is nearing the end and we could see a pivot in the next few hours.
Looking for entry on the 5 minute chart and will be awaiting the NY market open for added liquidity into the market which could push it further into the bullish territory and beyond the high of $3365. Will need to be wary of the volatility at the open but will be looking at this bullish move continuing throughout the NY Session.
Will also be awaiting the release of CPI to confirm the strength in Gold and weakness in USD for added bullish confluence for this market.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.