Yesterday’s trading session left buyers surprised after price plummeted .The XAUUSD price dropped about 11 000 points after it found resistance at level 1962.98 .The daily close signaled a change in direction up until today’s open. Today you may notice price move bullish after finding support at level 1882.11
In the previous post(https://fxsits.com/the-gold-price-action-finds-support-at-important-level/) we wrote about the possibilities of price reaching 1962.98 . In that post we also mentioned the likely hood of price moving past that level. Our analysts predicted that level 1962.98 could possibly be tested again sometime this month. We believe that a daily bullish close could be the first signal .
Patience will also play a huge factor . This reason being that the monthly candle sits as an indecision bar . We currently cannot determine the actual direction for the XAUUSD price until tomorrow’s close. A bullish close for tomorrow’s candle could signal the green light to enter the trade. We could trade the pair to level 1962.98 and maybe further.
NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.