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 breakdown 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
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