Gold- Turbulent times with breakouts and breakdowns
Yesterday was a crazy day for Gold traders with a 1300 pips volatility counted from top to bottom.
After an initial Asian open with a new ATH and a spike of 800 pips from Friday's bottom, XauUsd started to drop aggressively, but more importantly, broke under 3 important levels that should have provided support: 2070, 2050, and 2030.
The overall trend remains bullish though, and the line in the sand for bulls is the next important confluence of support at the 2010 zone, representing the point from which bulls should look for buying opportunities.
However, with the current price at 2033 at the time of writing, the best approach is to adopt a wait-and-see stance. This is precisely what I will do until the market settles into lower volatility.
After an initial Asian open with a new ATH and a spike of 800 pips from Friday's bottom, XauUsd started to drop aggressively, but more importantly, broke under 3 important levels that should have provided support: 2070, 2050, and 2030.
The overall trend remains bullish though, and the line in the sand for bulls is the next important confluence of support at the 2010 zone, representing the point from which bulls should look for buying opportunities.
However, with the current price at 2033 at the time of writing, the best approach is to adopt a wait-and-see stance. This is precisely what I will do until the market settles into lower volatility.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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