DONATE & Share Post Your Content On Smart Money Management

Search This Blog

Thursday, May 27, 2021

XAUUSD

XAUUSD

Gold / U.S. Dollar FOREXCOM:XAUUSD

From the Technical Perspective:

1. From the Monthly and Weekly perspective, Gold already reach the main supply zone , will expect a short-term rejection to the downside, before the continuation to the upside.

2. From the daily perspective, Gold created an impulse to the upside, we can expect a short term retracement to at least 38.2 Fibonacci Retracement , before the continuation to the upside.

3. Overall direction from the Multi-Timeframe Analysis: BULLISH

From the Fundamental Perspective:

1. Hedge fund, and institutional are bullish bias on the GOLD .

2. In the new report, 8.1k of the long positions added on the GOLD , with 1.4k of the short position added on the GOLD . Overall bringing the net position to 198k from the 170k.

Implication: During GOLD move to the upside, long and short positions added at the same time, meaning that the added short positions is just for the coming retracement. And this interpretation also align with what we want to see on the technical side.

How to approach GOLD?

1. Waiting for the price retrace to the 38.2 Fibonacci Retracement , then only can looking for the long opportunity on the lower timeframe. If your rules of the strategy are fulfilled.

2. Even lower timeframe showing the bullish trend at the moment, but it still not a good timing to short GOLD , because price can easily move to the upside, since now is bullish market.

The result might not follow my analysis, this analysis is based on the TA & FA perspectives.

Comment down below let me know your view on XAU /USD or which pairs you would like to me analyze in the future.

Kindly visit my profile to get more free technical analysis trick !!!


Register with our trusted broker: Pacific Union (Safety, low spread, fast deposit and withdrawal): https://ift.tt/3vutfym



from TradingView Ideas https://ift.tt/3bZ9lUv
via gqrds

No comments: