Daily Price Action
Shares

XAUUSD Buyers Keep the Pressure On

Shares

XAUUSD buyers haven’t done it quite yet, but they’re getting close.

I discussed the potential for a bullish move from gold in Saturday’s Forex forecast video and again on Tuesday.

The idea hinges on the 1480 confluence of resistance.

Buyers need to close XAUUSD above that 1480 area in order to send gold higher, perhaps into the next key resistance at 1515.

The “daily close” refers to 5 pm EST. Be sure to get access to the same New York close charts I use for trading price action.

Notice how 1480 is the location of a horizontal level as well as a trend line that extends from the year-to-date high.

That trend line looks to be part of a falling wedge pattern.

Given the aggressive rally earlier this year and the consolidation that’s taken place since, I have to stay relatively bullish the XAUUSD.

Furthermore, the constant pressure on 1480 makes me think a break higher isn’t far away now.

Notice the higher lows into 1480 over the last few weeks.

We saw the NZDUSD do the same thing during the second half of November when the pair was below that 0.6440 resistance area.

In fact, the price action looks almost identical.

But as always, there are no guarantees. And until XAUUSD bulls close the pair above 1480 on a daily closing basis, the idea lacks conviction.

Remember that a break higher could see 1515 and perhaps the year-to-date high around 1550.

Alternatively, a rotation lower would likely encounter support at 1450.

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in December!

XAUUSD falling wedge on the daily time frame

Leave a Comment:

6 comments
Justin Bennett says

Now You Can Get Access to the Same Professional Forex Charts I Use!

Get Access Now to start using correct five-day charts.

These charts give you five 24-hour sessions each week and are the same ones I use to trade the Forex market. Other non-professional charts that provide six-day weeks can produce false signals.

Download the Platform Today and get my 6-step swing trading cheat sheet as a free bonus.

Reply
Brett Reynolds says

False Break of upper border of Falling Wedge…Maybe..? Dangerous..Mr Bennett.!

Reply
ali says

thanks for the update.

Reply
Gideon says

I can see reverse “heavy price action” in play for gold. A big surge is coming. Hope we all catch it at a sweet spot.

Reply
Samuel says

Thank you Sir for the update .

Reply
Add Your Reply