XAUUSD trading update
Gold is currently trading at the $ 1801.3xx price handle, and in forming a upper value zone with a continual upward trend. The very current narrow price range from 1793.xx to 1812.xx could bring Gold to two following scenarios:
- break up the 1824.xx price handle and taking the 1812.xx as support, then 1850.xx is expected to reach as next new highs;
- break down the current price range below 1790.xx and taking that as supply zone, then 172x.xx will be as coming support zone again.
Trading strategy for XAUUSD in the middle term is to keep waiting for a further clear direction, in which the upper range as described above should be broken up and we will take as support zone to buy a pullback at around 1812.xx and target to 1850.xx at least.
Alternatively, we can short XAUUSD when it breaks down 1790.xx this time and short when it bouncing up. Target zone for short scenario is at around 172x.xxx.
Take your look at the depicted chart for further details: