XAUUSD 19th July 2021
Hello traders, quick update for XAUUSD gold setup. As shared, divergences and debts were paid, We could close our worst early buys in profit and keep this metal locked with some pips. We still have the 1844 level that could be visited to clean that daily low I marked in the pink box.
From here, or from that 1844 zone, we should still see more push downwards, remmember that until DXY reaches 94.80 we shouldn´t be selling the dollar. We locked thousands pips since we started that USD strenth, and we are not yet done. It would be an error to sell dollar too early. Reasons for a last wave down to 1707 zone: No AO clear divergence(in daily TF), 50% of that green 2 days OrderBlock. 88% retracement, perfect Mother wave to continue with wave 3 of 5 in Higher tfs. Reasons it may break lower: money trapped under those lows… Reasons why not: Hidden divergence and harmonic pattern may play out. Always consider all the reason to trade or not. If your reasons fade out 1 by 1, don’t wait for price to touch your stop, do something about it. It is perfectly OK to be wrong
BTW that 88% retracement is also 300fe if we are going to break 227Fe we may head there. Follow this and many more opportunities in our PFXC trading channel .
Have a great week ahead, and remember that you can find more information about the course here.