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.
[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]
Did you like that video?
Subscribe on YouTube to get notified when I post new videos every week!
[/thrive_custom_box]
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.
[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]
Want daily videos of the currency pairs I’m trading?
Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in December!
[/thrive_custom_box]
