GOLD (XAUUSD) Structure Analysis & Thoughts

9. Juli 2020

gold is just unstoppable.
the price is growing like crazy this week.

if you missed this movement and plan to jump in, it is too late and very risky atm.

the price is relatively close to our next potential reversal area 1823 - 1833.
this area is based on a resistance line of a rising channel and fib.extension confluence of the last two major daily impulses.

attention! I don't say that we should just blindly short from that area.
always look for a confirmation on a lower time frame to trade against the trend.

moreover, if you want to catch a bull rally, a pullback from the above-mentioned area may let you buy on a discount from the support of the channel.

apply these structure levels based on your strategy and good luck!