XAUUSD Strong Bullish Bias
**Monthly Chart**
Last month's XAUUSD (Gold) candle closed as a large bullish candle after creating a new record high shy of the 2,500 level (round number). This indicates that traders will try to push the price higher to break the record high. This is in line with geopolitical reasons happening in the Middle East at the current moment.
This month's candle, which is still active, tested 50% of last month's candle and tried to push higher again after a large sell-off on Monday—5th August 2024.
August monthly candle is still bullish and recorded an all-time high at 2,531.76
**Weekly Chart**
Last week, the candle closed as an indecision doji candle, after recording a new high on 20th August. However, the long-term bias is still bullish, and there is a high probability that XAUUSD will reach a new high in the coming weeks. The price tested 50% of FVG candle of the previous week at around 2,470 then pushed higher after the Fed Chair Power's speech during the Jackson Hole Symposium on Friday.
**Daily Chart**
Last Friday's candle closed as a bullish manipulation candle (or Order Block candle), after testing the IPA (FVG) the previous day and moved higher.
All time frames are aligned, and a higher move for XAUUSD is suggested. I will only look to buy at retracement with good risk parameters for a target above the 2540 level.
Look for entry points from lower time frames such as 4H and 1H.
Last month's XAUUSD (Gold) candle closed as a large bullish candle after creating a new record high shy of the 2,500 level (round number). This indicates that traders will try to push the price higher to break the record high. This is in line with geopolitical reasons happening in the Middle East at the current moment.
This month's candle, which is still active, tested 50% of last month's candle and tried to push higher again after a large sell-off on Monday—5th August 2024.
August monthly candle is still bullish and recorded an all-time high at 2,531.76
**Weekly Chart**
Last week, the candle closed as an indecision doji candle, after recording a new high on 20th August. However, the long-term bias is still bullish, and there is a high probability that XAUUSD will reach a new high in the coming weeks. The price tested 50% of FVG candle of the previous week at around 2,470 then pushed higher after the Fed Chair Power's speech during the Jackson Hole Symposium on Friday.
**Daily Chart**
Last Friday's candle closed as a bullish manipulation candle (or Order Block candle), after testing the IPA (FVG) the previous day and moved higher.
All time frames are aligned, and a higher move for XAUUSD is suggested. I will only look to buy at retracement with good risk parameters for a target above the 2540 level.
Look for entry points from lower time frames such as 4H and 1H.
Join our PropSignals Channels on Telegram
t.me/PropsignalAE
t.me/PropsignalAE
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.