What is the action now in XAUUSD?

Well this week has been much like last, but with less range.

This has formed an inside bar, where both the high and low of the week are less than that of the previous week.

The good trade this week would be a breakout in either direction of the inside bar, with the move possibly around 50% of last weeks range.

he might have a 90% hit rate on his money account!

Another win to the inside bar breakout...

I've posted a bar chart of the results of last week's inside bar breakout. Price had broken north and travelled around 50% of last week's range by Tuesday.



A very nice and easy profit for those that took it. Alas, I didn't put the pending trades on soon enough and missed it myself

For the coming week I have no definite thoughts.

On the daily chart below, there is a possible downward channel, and this ties in with gold's rise last week. The rise, started last week could continue to around 1698 (the green line).

The other possibility is for a fall, early in the week, to the 1660 area, then a bull fight back up towards 1698 in the latter part (the purple line). Since Thurs and Friday both had long upward candle wicks, I feel this points to an early week dip, so that is where my money will be going if it looks like it it is taking this path when the market reopens.

This is my weekly bar chart for gold.

Two weeks ago we had a bull week, followed by a bear week last week, bringing price right back to where it started from. I feel the bears will continue this week taking price down to at least 33% of last weeks range (around 1642 - the blue line). This was a weekly low point three weeks ago as well.

A more likely low point is at 50% of last weeks range (around 1635 - the purple line ) A longer term S/R area as well as being a weekly low six weeks ago.

Well not much of a week. Not another inside bar, but close to.

I'm still holding a sell trade - now with $8.00 draw-down - and am going to hold it thru this coming week as I expect gold to have a bear week. Still aiming for the 1642 area.