XAUUSD 2021 Jul 05 Week

XAUUSD 2021 Jul 05 Week

Price broke through 1761 and returned to that level to become a nice shakeout,
presenting a long opportunity.

Weekly chart: A previous wide spread down bar on high volume, followed by shakeout = SOS
Daily chart: Haven't formed a higher low, TBC
H3 chart: back in a previous range. Will need 1795 to be broken and supported if price
were to advance further.
Immediate resistance 1795

Strategy:
If price stays in rotation: Red/Green zone = preferred entry
If rotation zone narrows: stay out of market
50% level: Long if it becomes short tern support, short if it becomes short term
If price breaks out and support at 1790: long opportunity

Immediate support 1772
Critical Support = 1761

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