I suggest it be very tricky, for the multi-year resistance trend that xauusd has been respecting; multiple touches with rejection as of recent few months.
And zoomed in on possible breakout zone, below..
I am entertaining the idea that xauusd over the last few days has broken out, and returned to for confirmation breakout or the return to the trend.
DXY has only been adding to this theory in the short term as the 45th wants a weaker dollar and since inauguration he has got what he wanted.
Could we see continued weakness in the dollar while gold finally makes a break and release of a multi-year resistance?
At this price point to me is worth some risk.
I am already and have been hedging short, so I'm happy either way, let's ride!
My ideas are my own! RIP those who copy!
XAU is bouncing on .618 Fib level of the recent breakout. Let's see if it hold or if it breaks down and we see some slip back to 1250
Particular area of interest in the near term is 1296 > 1310.
I will likely take some profits if price reaches that level in expectation of some pullback.
3 Day Update
Trade Complete with both TP's of 1330 & 1338.