Gold: These Two Levels Can Change The XAUUSD Trend

Advice For Day Traders:

XAUUSD is not tradable between the range of 1766 to 1745. They are trend changer levels.

Gold’s Simplified Trading Strategy:

According to Elliott Wave theory, it was in a corrective wave. It has completed the ABC, and now gold can start marching for a new impulse phase. Therefore, we can expect the gold’s target price 1782 – 1790+.

In simple language, you should wait for the breakout of 1766 or 1745. Because of that’s a crucial level for XAUUSD traders.

If gold will break down the 1745 level, then the downtrend will begin. And that downtrend can drag it down up to 1730 – 1706 – 1686.

Please note, don’t forget to watch significant releases or events that may affect the movement of gold, silver, and crude oil:

Tuesday, Sep 21, 2021
18:00 Building Permits (Aug) – Medium Impact

Wednesday, Sep 22, 2021
02:00 API Weekly Crude Oil Stock – Medium Impact
19:30 Existing Home Sales (Aug) – Medium Impact
20:00 Crude Oil Inventories – High Impact
23:30 FOMC & Fed Interest Rate Decision – High Impact

Thursday, Sep 23, 2021
00:00 FOMC Press Conference – High Impact
18:00 Initial Jobless Claims – Medium Impact

Friday, Oct 01, 2021
18:00 PS MoM – Medium Impact
19:15 Manufacturing PMI – Medium Impact
19:30 Michigan Consumer Sentiment – Medium Impact