Good night everyone.
Yes I know the market is still closed at this hour, but I'll share my idea on XAU/USD nevertheless for Monday morning.
Here is the basic view:
1. Based on general point of view, XAU/USD is in ranging phase between high 1454.05 and low 1400.47.
2. However on the smaller scale if we take low 1400.47 as starting point, we have an uptrend to the last week high 1449.08. Having reached its high the price retraced back 1430.15 and then bounced up. The middle point of this uptrend is 1424.78.
Here is my plan, based on the nearest possibilities:
1. Sell around 1449.08 - 1454.05, preferably close to 1454.05 as the stop loss is 1458.20 and target 75-100 pips.
--- or ---
2. Buy around 1430.15 - 1424.78, preferably close to 1424.78 as the stop loss is 1419.50 and target 75-100 pips.
The plan will change if either 1454.05 or 1424.78 is broken, then I will re-read the condition and make another plan.
