Today I’m going to show you exactly how I’m trading XAUUSD.
XAUUSD is testing $1,980 resistance this week and signaling a pullback.
In today’s video, I discuss key levels to watch for gold, including a range trade and target for later this year.
Check out the XAUUSD video below and scroll down for the annotated charts and analysis.
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XAUUSD tested $1,980 this week after bouncing from $1,900 and breaking above $1,940.
I discussed both scenarios on this website.
But given the significance of $1,980, I do expect a pullback from gold.
The big wildcard with that statement is where the US Dollar Index (DXY) is trading today at the 100.80 resistance level.
Gold and the dollar share an inverse relationship, so the DXY is one to watch if you’re trading XAUUSD.
See the video above for all of the details.
If the DXY can reclaim the 101.00 resistance area, we could see XAUUSD pull back to $1,940.
From there, we’ll likely see gold range between $1,940 support and $1,980 resistance.
Alternatively, a sustained break above $1,980 would expose levels like $2,000 and $2,070.
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