On Higher Timeframe 1 Week & 1 Month Gold is still in uptrend & showing bullish signs. Below is 1M chart where we can see that as soon as last month high was taken off; price of #XAUUSD moved significantly to print a new all-time high. Key region on chart is 1977.49 which is the Low of last month. If price moves down & take out the low of last month than overall structure will become bearish. Keep an eye on 1977.49 level for HTF structure change.

Let’s take a look on Weekly time frame. Last weekly candle close of Gold is bearish. Two keep levels will decide the next movement of Gold. 2049.51 & 2001.33 are those two key levels. Currently, #XAUUSD is trading at 2014.42 and is quite near to last week’s low. If price breaks the low than we can see a further push downwards.

What to do while planning your trades:

  • Always look for Higher timeframe to understand trend
  • Once bias is formed go to lower time frame and execute the trade