XAUUSD is going for a test of the hard upside resistance zone 2100-2150. If we get a breakout below this resistance zone especially 2150 we could see an upside extension to 2400. If we get another rejection here again like we did in the past, three times already then a strong support is 1960 and we will probably see another painful long-term consolidation. We are in the unfinished fifth long-term Elliott Wave with a target of 2400 Learn to Trade Commodities profitably.
How to trade this?
It is a fact that a strong upside resistance for Q1 2024 is 2100. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, long-trade entries have a higher probability of success but upon a confirmed breakout above 2100. Short trade entries are possible only on a confirmed price-action break below 2030. You can try a long trade here with a stop loss below 2020 upon a break above 2100. This trade entry has a better Risk to reward. For inquiries about account management please write to [email protected].
The Weekly XAUUSD chart reveals an addition to the previously mentioned, medium-term five waves and a fifth of the fifth wave long-term with a massive H&S formation. A break above 2100 will lead to a test of 2150. A rejection and a break below 2030 will leave us in consolidation and could lead to a test of 1960 support.
GET THE CHART OF THE DAY EVERY DAY IN YOUR INBOX
As the famous trader says…
“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.”Victor Sperandeo
How to trade this?
It is a fact that a strong upside resistance for Q1 2024 is 2100. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, long-trade entries have a higher probability of success but upon a confirmed breakout above 2100. Short trade entries are possible only on a confirmed price-action break below 2030. You can try a long trade here with a stop loss below 2020 upon a break above 2100. This trade entry has a better Risk to reward. For inquiries about account management please write to [email protected].