last week, Gold fell starting from Monday to all through Thursday. Many traders expected Gold to fall further with a higher than expected NFP data from USA. However, it was from then that the bright metal bounced and rallied and reclaimed $1700 levels ahead of the weekend. Is this the turning point for Gold to the upside? This is not confirmed yet. The possibility of one more down move is still high for this market.
Trading entry ideas for XAUUSD
Gold can keep moving upwards correctively, in which case the break of the structure could move the market towards 1680 levels. This is where we can look for buy setups.
If Gold shows downward correction in relation to the up move on Friday, a similar up move could take it towards 1730. We can look for sell setups at this level. Even in this case, we will be looking for buy setups if it reaches 1680 levels.
Disclaimer: Our analysis and forecasts given on this website are just our point of view about the market. It is not a trading signal or investment advice.