The gold ( silver ) lining to everything that has passed. January was a brutal week to everyone trading forex. I spoke to a lot of people and I know how the market created havoc amongst traders. We have to all learn from this past experience and move on towards our common goal.... BANKING THOSE PIPS!
Now gold looks like a great candidate to start off this week. We can see it finally broke through its immense we drew a few weeks ago. Of course, by breaking this it went HAM and the bulls ran with it until their legs gave out. We can finally get some running on this chart.
Now I'm looking for a retest of said again. You can see it did but with a quick wick. This wick won't get any respect from us. We need another one to confirm bias going forward with this analysis.
There is no reason for us to think that gold will turn into full bear mode... because USD ( DXY ) broke its final support. The next one is far away so I won't be bothered if it goes on mini bull runs. I know it sounds cliché but its all about going short when it runs up (USD).
As for XAUUSD , here's what I'm thinking:
XAUUSD BUY LIMIT
ENTRY : 1344.66
SL : 1336.90
TP : 1400.82
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.