XAU/USD: Correction Wave with an intraday Bullish Perspective!

James B. Beal
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Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the XAU/USD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.

Daily timeframe:
snapshot
4 hours timeframe:
snapshot
1 hour timeframe:
snapshot
Market currently in a correction wave after a strong bullish impulse.
In lower timeframe the market is clearly following an interesting ascending channel and it’s just got a strong responsive movement once the price reached an area with a solid demand.
Considering a good trading activity mostly on the higher value of the channel, the intraday uptrend seems to be still healthy and I would be confident to see more continuation until a clear sign of trend reverse.

When, where and why would I step into the market?
The price quickly retraced back inside the channel and almost reached the middle line.
Before planning my long position I will be waiting for a new retest on the lower value of the channel (better with another strong responsive movement from the demand zone ) and a good entry point with a RRR of 1:2 or greater on the lower value area.
My SL would be just below the lower value area and the first TP on the middle line of the channel.
A breakout to the downside of the demand zone will invalidate this trade and no action will be taken on this market.

If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!

Trade safe and responsibly,
Gianni

DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose

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