Weekly Price Action Setups & Key Levels | May 1-6

XAUEUR – Holding Current Long, 1160+ Next Upside Target (daily chart)
As I’ve talked about in my recent market commentaries, I’ve been bullish and long on Gold vs. the Euro. I’m currently running two longs at 1100 and 1105, currently up about +230 and +270 pips respectively (see image below).

Now that we’ve cleared the 1125 resistance, this puts 1150 and 1160 into context as the next upside targets. I’m suspecting bulls will take some profit here so a likely pullback.

But unless the price action context changes massively, I’m maintaining a bullish bias while above 1064 on a daily closing basis.

Beyond 1160+, there is 1200 and 1250 so am willing to hold for the …

... Keep reading