XAU USD Price Movement August 12 London Open: Bulls Eye $4,477
The bullish case is clear, but the contrarian angle deserves attention. Price Action V3 flagged a trend break SELL at $4,406.355 with a stop at $4,436.355. This conflicts with the higher-timeframe bullish structure, and history shows that trading against the H1/H4/D1 trend has been a losing pattern recently — both prior losses were SELLs in a bullish market.
However, a hot CPI print could invalidate the bullish thesis quickly. If core CPI comes in above 0.3%, gold could drop through $4,399.70 support and test the $4,371.84 pivot. The key reversal level to watch is a daily close below $4,386.53, the EMA50 on H1. Until that happens, the path of least resistance remains higher.
#XAU #XAUUSD #forex #forextrading
The bullish case is clear, but the contrarian angle deserves attention. Price Action V3 flagged a trend break SELL at $4,406.355 with a stop at $4,436.355. This conflicts with the higher-timeframe bullish structure, and history shows that trading against the H1/H4/D1 trend has been a losing pattern recently — both prior losses were SELLs in a bullish market.
However, a hot CPI print could invalidate the bullish thesis quickly. If core CPI comes in above 0.3%, gold could drop through $4,399.70 support and test the $4,371.84 pivot. The key reversal level to watch is a daily close below $4,386.53, the EMA50 on H1. Until that happens, the path of least resistance remains higher.
#XAU #XAUUSD #forex #forextrading