ONLINE FOREX BROKER
2022-12-19 • Updated
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone. Increased strength for the Dollar simply implies possible bearish reactions for Gold. With this in mind, let's take a look at the Gold (XAUUSD) chart.
Earlier on from the daily timeframe, we saw a confluence between the Pivot zone and the drop-base-drop supply zone. We also had the 200-Day Moving Average as an added confluence. These factors led to the bias I initially submitted last week. With this in mind, let's look at how far this has played out in hopes of getting us ready for the next wave.
Price has safely navigated its way to the highlighted supply zone and has faced an initial rejection from the zone. The expectation from this is that we get to see a reversal in the trend toward the 100-Day Moving Average. Once more, let's look at the lower timeframe price action.
Here on the H4, we see price trading within the ascending wedge, and into the supply zone. This serves to buttress our initial directional bias for a bearish reversal. A conservative approach would be to wait for price to break out of the wedge first with a retest of the trendline before hopping into the trade. However, the aggressive move would be to take the trade right away, off the supply zone.
It is important to understand that the trading of CFDs comes at risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
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