XAUUSD Analysis Today : ATR Indicator Trading Strategy

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Gold has again fallen into the underground with the NFP data release on dxy and we can see that now it’s much more predictable than ever especially on the lower time frame so I’ll be doing a complete multi-time frame analysis on goal to see where we can find trading opportunity with the market open

Starting with first of all highest time frame to see overall direction in the market now looking at the monthly chart on gold we can see that the price currently at the monthly support level if I draw this support here on gold we can see that there was was previous

Monthly narrow candle which is the January a bit of slower month and as a result we have seen that gold has form this inside bar and this months once the market open tested the high and the price is at the monthly support level that support could give another bounce

On gold as we see that the price is maintaining series of higher low and we can expect gold to go back up to the resistance level again before dropping down or even to create a higher high so monthly price setion on gold is significantly bullish now looking at the

Weekly chart we can see previous week there is a weakless candle closely looking at this weekly candle we can see there’s no weak at the bottom and there is a healthy week at the top the price already has broken this weekly resistance level has broken the series

Of lower high and closed as a bullish candle this week we can expect initial move to the upside to fill that week or to create a new higher high so from the weekly in this uptrending market we see that gold is currently bullish now looking at the daily chart we can see

That from the daily time frame back to back 3 days of bullish move if we look at closely here on daily chart we can see that there’s a daily dodgy followed by a huge bullish engulf far that has crossed this daily Dodges low for a middleman followed by we can see that

Last day of trading week the price has broken the low and again got rejected from this long week candle that also has closed Above This daily and monthly support level giving a high probability for gold to go back up to the resistance level so monthly weekly and daily aligning with potential bullish

Trading opportunity on gold now I’ll be jumping on to the 15 minute chart to see how we can use this multi time frame for entering the trade on the lower time frame now if we look at 4 hour before going to the 15 minutes we can see that

There’s a giant bearish candle the price has broken that support level with this big drop which is significant level of support here and with the drop the price has broken that low and we can expect for gold to return back to the upside as the eight of this candle is

Huge and the market is still maintaining a bullish Market structure and I think that with the upcoming week we could see either gap opening to the downside and going up or we could see after little pullback the price is maintaining this bullish Market structure to enter a

Trade on the lower time frame I will be waiting for a local breakdown if you look at this trend line here on the 15minute chart we can see that this is a support here support here support here long-term support from lower time frame persp perspective we’ll be waiting for a

Breakout breakdown to the below the support level once we see gold has broken down gain enough momentum we can look for going long with a high probability trade setup if you enjoy this analysis leave a like and also subscribe to the channel for more content like that thank you and I’ll see

You soon in my next analysis