(Video) XAUUSD Daily Close to Determine Future Direction

by Justin Bennett  · 

December 31, 2019

by Justin Bennett  · 

December 31, 2019

by Justin Bennett  · 

December 31, 2019


Is XAUUSD ready to take on the 2019 high at 1550?

Or is the metal in need of a pullback first?

Watch the video below to find out what I think.

Be sure to also scroll down for more commentary and an annotated chart.

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XAUUSD (gold) continues to push higher following the December 23rd breakout above the 1480 confluence of resistance.

I wrote about that breakout on December 19th and several times before then.

The rally earlier this year combined with this latest consolidation that carved a falling wedge looked constructive.

In other words, it signaled more gains ahead for XAUUSD.

And things still look constructive to me.

The is carving fresh multi-month highs, and today’s session is above the 1515 key level that was our first target earlier this month.

However, we’ve yet to see a daily close above 1515.

Remember that I use New York close charts so that each 24-hour session opens and closes at 5 pm EST. That gives me five equal daily sessions each week.

Go here to get access to the same Forex charts I use.

Without a daily close above 1515, nothing is confirmed, which means the area is still serving as resistance.

Only a daily close above it would convert 1515 to new support.

Furthermore, if today’s session closes below 1515, we could have a bearish pin bar on our hands.

That would signal a possible turn lower for XAUUSD.

On the other hand, a daily close above 1515 would keep buyers in control and also expose the next key resistance at 1550.

Just keep in mind that pullbacks and consolidation are healthy and can occur at any time; gold is no exception.

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XAUUSD challenging the 1515 resistance area

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14  Comments

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  1. Hey Justin, I just wanted to leave a small comment in regards to your gold analogy.
    Please don’t take this the wrong way, but I think its important to note that along with technical analysis, when it comes to gold, there is a reason to think of the fundamental analysis. This being that with the strength of the USD on the decline, this will drive gold up. If you look at the direction of the USD in most all pairs in the most recent week, the dollar is losing strength across the board. When the dollar weakens this will almost certainly drive gold in a bullish direction. I respect all of the work you do and follow you a good bit so please don’t think I’m disrespecting your work.

    1. There are always fundamental events occuring behind the scenes, but indvidual opinions don’t matter. The only thing that makes an outcome positive or negative is the market’s reaction to an event, which is why I focus solely on price action.

  2. I just wanna know if the membership fee will help me to make daily/weekly profits are you going to help me manage my account and make more profit?

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