XAU/USD Intraday Technical Analysis

by Jun 6, 2020Setups

Yesterday’s chart on XAUUSD

Gold have done bearish scenario where the price have broke below $1693.69 and touched near $1670.00. Now is located inside downtrend channel that was broken on May 29th.

Strong bullish Pinbar on the strong support line shows a lot of bulls power. It is candle formed because of sellers getting out and buyers ready to push the price back up.

This level acted as a strong support area in the past so it was expected to happen again.

Outlook for XAUUSD:

While the price is below $1693.69 we could see price staying down until breaks above. Until the price is below we should watch for bearish price action signals.

XAUUSD Daily Analysis_08.06.2020.

Get Access to the Same “New York Close” Forex Charts

I am Using in My Analysis

The XAUUSD chart. Bullish Scenario:

Bulls need to bring the price above $1693.69 if the want to move higher. Now we have Pinbar that can be traded with take profit target near $1693.69. Stop loss should be below Pinbar low which is below $1670.00.

The XAUUSD chart. Bearish Scenario:

We are now in bears territory, and we should watch for the bearish price action signals. First could form around $1693.69 level. If that happens we could enter into sell and set stop loss around $1700.00 with profit target at $1681.58 and second target at $1670.00.

The market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

Trading Analysis

It is free and if you want to receive e-mail notification, sign up.

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

The best Harmonic scanner

From $17.99 / month

8 Harmonic patterns

9 Standard patterns

Web based platform

Real time notifications 

FREE WORKSHOP

For beginners who does not know how and where to start with trading

In the workshop I will tell you

what steps to do in order 

to transform yourself into a trader

The best Harmonic scanner

From $17.99 / month

8 Harmonic patterns

9 Standard patterns

Web based platform

Real time notifications 

0 Comments

Pin It on Pinterest

Shares
Share This