XAUUSD Pullback Before Continuation?

by Justin Bennett  · 

July 20, 2023

by Justin Bennett  · 

July 20, 2023

by Justin Bennett  · 

July 20, 2023

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.

Want a risk-free trade up to $300? Use my Recommended Forex Broker and get a refund of up to $300 if your first trade is a loss or a 20% deposit bonus! Limited time offer. Don’t miss out!

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.

Get Lifetime Access to Our Trading Group for daily analysis videos, see Justin Bennett’s trades in real-time, receive exclusive trade setups throughout the day, and access over 1,000 other forex and crypto traders.

Continue Learning

Leave a Reply

Your email address will not be published. Required fields are marked *

  1. Hi Justin,

    I have a couple of questions (hope that’s okay).

    1. You often mention a target level. Is this the level that you aim to take your profit or just a guide? For example do you use this as an area of resistance and gauge how the market reacts to it and if appropriate either take you profit or let the trade run?

    2. Some times the market will take off and there is no retest. Do you always wait for a retest? If not, what is you trigger to enter the trade, for example do you wait for a pin bar to form?

    Thanks for all your help Justin.

    Regards Paul

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}