XAUUSD SHORT SETUP BEFORE NFP

31 Jul 2023

On XAU/USD, we have a bullish setup with the price in the zone around 1.67, where we have a double bounce area. This means that the price is currently testing this zone, and it appears to be holding, and there is another bounce area at the 1973 level, where the price could also bounce while touching the descending trendline we have on the chart. In fact, the expected scenario is a strengthening of the dollar, causing the price to decline to around 1950 in the second scenario and 1910 if the price reverses in the first transparent block. Therefore, the price could potentially break the bullish trendline.

Let me know what you think. Happy trading to all from Nicola, the CEO of Forex48 Trading Academy.