Forex Day Trading Forecast XAU/USD for 24-01-2017

Forex Day Trading Forecast XAU/USD for 24-01-2017

After a very volatile week, there’s little calm in market.

There’s not much I can see this week, was waiting till now. Probably, I will see something tomorrow on 25th, but so far there’s only few potential pairs:

• GBP: selling right now, but not safe, as it will hit support and resistance on a  few cross pairs.
• EUR: bullish but for how long? I don’t like the patterns in the EUR right now, so no positions.
• CAD, JPY and AUD moving…some are bullish some bearish, but there’s nothing clear to me.

in 24 hours we could see an entry…but so far, there’s not much…

What left?

• Well..when I see nothing in currency pairs, I like to look at commodities,and this week Gold. I’m still bearish on Gold. It is not necessarily time to sell “NOW” , but we could simply start to plan this potential transaction.

Let’s Plan our trade on XAU/USD for this week.

Let’s make it very simple for this week… and go with something safe and simple, short continuation on daily time frame.

On daily XAU/USD chart, we see a litle consolidation on Gold.

1. 5 days ago, there’s was a big sell off.
2. But for 2 following days, sellers could not keep with this movement.

This it’s a great set up, for shorting now or soon, and take the profits at the bottom.

Long term Support and Resistance for XAU/USD

By looking on Gold’s weekly time frame, we could start to see a potential short transaction.

• Last weekly candlestick lost momentum on buyers side ( not volatile, as previous weeks).
• Also, last week, we start to see a signification unsupported price, versus buyers body.
• Depending on how you look at. we are hitting an important “mid-term” resistance/support (orange line).

Last week ,I was bearish on gold…it went up…. I’m still bearish, just waiting for my entry.

Entry, Risk, Potential for Gold…

Let’s look at 1h time frame and 4h time frame. So far, I see only one thing, consolidation.

• Buyers hit new resistance
• Sellers broke the bullish trend
• …and we just need to wait…

1. Entry: Waiting for Market maker’s “bullish spike”. ( this mean, we should see a short shooting start). If I don’t see it, I pass.
2. Risk: so far don’t see it, it should give as a 10-15 points risk.
3. Potential: Great, right till the bottom at 1120.00 points range. Or, sell it, at bottom, if we falling in a mid-term bearish trend on hourly or 4h time frame chart.

Thank you readers, comments or ask question if you have some.

We love to help with your trading success!

KV