Again, I am reminding retail traders, to avoid taking long positions on GOLD (XAUUSD). At least not on the current Ask price - $1737.
There has been an increasing demand for GOLD by unidentified sovereign buyers.
For what it's worth, XAUUSD is trading at very low prices. So, the price is expected to at least break previous highs or form new highs altogether.
A possible retest of the $1726 level is very likely. However, this price level is where many retail traders will be seduced to enter long trades.
However, in my opinion, the price will break down the $1726 support and retest $1683. At this point, the year low - $1617, is only 660 pips away.
There is no certainty as to what price action will do. But these are interesting times. We may witness a formation of lower lows before a GOLD rally ensues.
Patience. This virtue will earn you a bargain entry at the lowest possible ASK PRICE. Perhaps, $1683 or $1617. BUY LIMIT orders are the most efficient here.
So don't take a market execution BUY trade just yet. Beyond that disclaimer, any bearish scalping attempts on XAUUSD are invalid because of the market risk.
There has been an increasing demand for GOLD by unidentified sovereign buyers.
For what it's worth, XAUUSD is trading at very low prices. So, the price is expected to at least break previous highs or form new highs altogether.
A possible retest of the $1726 level is very likely. However, this price level is where many retail traders will be seduced to enter long trades.
However, in my opinion, the price will break down the $1726 support and retest $1683. At this point, the year low - $1617, is only 660 pips away.
There is no certainty as to what price action will do. But these are interesting times. We may witness a formation of lower lows before a GOLD rally ensues.
Patience. This virtue will earn you a bargain entry at the lowest possible ASK PRICE. Perhaps, $1683 or $1617. BUY LIMIT orders are the most efficient here.
So don't take a market execution BUY trade just yet. Beyond that disclaimer, any bearish scalping attempts on XAUUSD are invalid because of the market risk.