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Gold $2,000 Daily Breakout

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forexbrokr.
@forexbrokr
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Direct from the desk of Dane Williams.



After breaking out and printing a new swing high, we were able to trade gold's retest and subsequent push higher.

From that day, it's just been daily bull candle after daily bull candle, all the way up to the pshycological $2000 level that we've broke out of today. A long, sustained bullish move that shows the current economic environment that we find ourselves within.

Take a look at the gold daily chart below for a look at the psych level breakout.

XAU/USD Daily:

You can see that price paused just underneath the zone for around a week, before yesterday's daily candle was the one that finally pushed through to trade above it today.

While this is a high momentum move through a higher time frame resistance zone that's hard to really get past price action from, day trading around this one is higher risk.

However, our strategy says that if price is above higher time frame support/resistnace, then we zoom into an intraday chart to look for longs.

Take a look at the hourly below.

XAU/USD Hourly:

You can see I've marked the first area of short term resistance, that if retested as support, we can use to long off and manage our risk around.

Let's see how this one plays out around our zones.

Best of probabilities to you,

Dane.



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