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XAUUSD – June 15th 2020

xauusd gold weekly price action outlook
XAUUSD – Daily

Since the start of the COVID 19 pandemic we have seen the value of Gold steadily rise as countries around the world went through lock downs and the recent US Riots. However the most recent price action has started to range between $1747 & $1670. From daily timeframe perspective there isn’t enough room between the ranges to trade a ranges play. On the daily charts lets see if price is able to break above these high and possible provide a entry in the form of a pull back

xauusd gold weekly price action outlook
XAUUSD – 4H

On the 4H timeframe you can see that price has started slow down as it approaches the resistance zone. This is evident by the increase bearish candlesticks, longer wicks to the up side and several high test/ Inverse Hammer candles sticks. Give the double top thats forming one could look to see if price would respect the top of the zone and low in value to the lower support zone. However you should be careful since the top of this zone has been tested several times and also the larger timeframe is consolidating after strong bullish run.

xauusd gold weekly price action outlook
XAUUSD 1 H

Looking at the 1H timeframe of GOLD, you can see that price has started to become much more choppier , price moving within an upward channel. A channel usually can indicate larger players dumping their position, which might be a reason for the larger swings within the channel.

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