Looking at XAU on the higher timeframes, we find ourselves at a level where I'm hesitant to buy, but the market isn't quite a sell yet. Given that we're at an all-time high with no references, I've used the trend-based Fibonacci extension to establish my levels along with my fixed Pivot levels. Scalping is fine. Here's where we stand:
1. We're at the top of the ascending channel.
2. We are at the 1.0 level with the Trend-Based Fibonacci, which usually serves as your first
swing take-profit point.
3. Regarding Pivot levels, we've lost the monthly level and are well above it.
4. The daily R1 and Weekly R1 align with the trend-based Fibonacci 1.0 level, making the
2191-2195 range a substantial level.
5. There's still room to move upwards; breaking through 2193 permanently would set the
following levels at 2244 and 2283.
6. The daily pivot is 2176, and the weekly pivot is 2151.
In summary, today may be a calm day, perhaps marked by the formation of a doji as an initial indication of a pullback. Tomorrow will be crucial for XAU, with the CPI and Inflation Rate indicating whether we'll buy or sell.
1. We're at the top of the ascending channel.
2. We are at the 1.0 level with the Trend-Based Fibonacci, which usually serves as your first
swing take-profit point.
3. Regarding Pivot levels, we've lost the monthly level and are well above it.
4. The daily R1 and Weekly R1 align with the trend-based Fibonacci 1.0 level, making the
2191-2195 range a substantial level.
5. There's still room to move upwards; breaking through 2193 permanently would set the
following levels at 2244 and 2283.
6. The daily pivot is 2176, and the weekly pivot is 2151.
In summary, today may be a calm day, perhaps marked by the formation of a doji as an initial indication of a pullback. Tomorrow will be crucial for XAU, with the CPI and Inflation Rate indicating whether we'll buy or sell.
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