Gold Bulls Back on The Run

July 14, 2021

XAUUSD- Bullish

WEEKLY

As we begin by taking a look at the weekly timeframe on GOLD there are a few key things to take note of. Taking a look at the past 2-3 weekly candle that were previously formed we can see that gold as came to a halt at around the $1765 level. If we look to the left we can see that was a previous weekly level where I have my first zone drawn across. From this level, GOLD has been able to begin its way back up. A pattern that is seen here is also an inverted head and shoulders with $1765 being the level where both left and right shoulders were formed. With the $1680 rejection being the head. Considering these factors and last week’s candle in specific is what gives me a bullish bias for the next coming week.

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DAILY

DAILY

When it comes to the daily timeframe, we get a closer look at what the weekly timeframe has been doing on a day to day basis. We have been steadily moving upwards from our $1765 level with a majority of bullish candle stick closures. At this current point we see that we are struggling to break roughly the $1820 area. In order for GOLD to continue further upwards I believe this level has to be broken first. From here we can look for entries on our lower time frames.

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4 HOUR

4 HOUR

When we scale down to the 4hour time frame we see that GOLD has been in this wide range from around $1795 to $1818. From here like we see on the daily timeframe we are simply waiting for a break above $1818 or a break below $1795. I am favoring the move to the upside as I see a lot of potential upside for GOLD to fill (signified by my blue drawing). Of course we must be patient and wait for proper candlestick closures/confirmations.

Always use proper risk management and remember to stick to your trading plans!

Happy and safe trading!!

Joseph Tesfay