GOLD XAUUSD Trading Strategy TODAY 29 MAY | XAUUSD Analysis TODAY 29 MAY | GOLD Forecast TODAY

Added: 2026-05-31

[00:00:00]So, my dear friends, this is the hourly chart of gold in front of us and yesterday we saw some big big candles, massive candles on the chart of gold and finally there is a structural change again. If you're wondering that there's a complete trend reversal, no, that is not happening because for any trend reversal or trend continuation, we need the backing of the fundamentals and right now, as we all know, fundamentals are also messed up. They are also mixed as a result of which gold is stuck in a range for the last couple of days because fundamentals are also not giving us any clear direction. And without the backing of the fundamentals, there cannot be any trend reversal or trend continuation in any market of the world.

[00:00:41]It doesn't matter what the technicals are saying.

[00:00:44]The direction of the market is always determined by the fundamentals and right now, fundamentals are here, okay, confused.

[00:00:51]As a result, we can see uh frequent uh frequent trend changes uh as a day trader on the chart of gold.

[00:00:57]So, till yesterday, uh market was forming lower lows and lower highs. So, lower lows and lower highs shows downside, but here, when gold crossed 4460, it gave us a clear-cut indication that market is going for a bullish trend again. So, here, now we can see that gold has formed a higher high. And the formation of higher high indicates that market is going for a trend reversal, but no backing of the fundamentals. So, we don't know, okay, what is going to happen, but yes, one thing is sure that today is Friday, so be careful because Friday can also fry your account as well. We do not have any major news, but still be careful during the US session.

[00:01:38]If you see some crazy moves in the market, market not respecting any levels, okay, uh just shut down the laptop and okay, spend some quality time with your friends and family, go out for some few few drinks.

[00:01:50]But be careful, stay out of the market.

[00:01:52]Okay, if you see the market is doing well, then that's a different story, but Fridays can be dangerous because of profit booking.

[00:02:02]So, let's discuss the trading opportunities now.

[00:02:06]So, before the US session, especially, okay, if you see the market is consolidating around this particular area, okay, right now market is trading around 451011 while recording the video.

[00:02:18]So, during the day, if market consolidates around this particular area, there's a high chance that market will be going up. Market will go up for a breakout. So, if market breaks 4520 after some consolidation, we can look for buy at breakout. But, right now volume is not there in the market, so initially we can expect $10 move means 100 pips. If the volume comes, okay, if you see some big candles, then obviously as a breakout we can expect a 150 to 200 pips as well.

[00:02:47]So, it all depends on the volume, but after consolidation above 4520, there's a possibility of a breakout. Second opportunity is if buying at pullback means buying at 4520, 4520, 4515.

[00:03:05]Suppose you did not enter a breakout.

[00:03:07]>> [snorts] >> Okay, you missed the opportunity. So, what you can do is, okay, you can wait for a market to come down for a pullback. When the same level, when the same level will become the new support, you can enter buy at pullback. So, you can either buy at breakout or you can buy at pullback. So, these are the two trading opportunities if market goes up from here. Obviously, buying at pullback is safer in comparison to buying at breakout because there's also a possibility of a false breakout as well.

[00:03:34]But, sometimes market doesn't come for pullback and we miss the opportunity.

[00:03:38]So, it's up to you now.

[00:03:40]But, if market comes down, okay, if market comes down, then we have the proper support around uh 4460, 4455.

[00:03:50]The line that you see here, why 44604455 is a support? Because see previous this one is previous uh resistance will become the new support.

[00:04:03]Okay. So, there's a possibility that if market takes support, we can look for a buy position. But volume is low. Okay.

[00:04:10]So, we can also look for a minor support around 33 8380 as well.

[00:04:17]So, these are the two support levels where you can look for a buy position.

[00:04:20]Keep in mind 3380 is a minor support.

[00:04:23]Okay, it's a minor support.

[00:04:25]If volume is very low, small small candles, then only you can expect a bounce. Otherwise, 44604455 is the support. If you see market taking support or market grabbing liquidity, then going up, okay, you can go for a buy around 446055.

[00:04:40]Okay. Either buy it if market takes support, market showing exhaustion candles or after liquidity grab. Okay, these are This is the support. In case it fails, then the next support will be around 4400.

[00:04:55]Uh chances of market coming to 4400 is less, but today is Friday, gold is full of surprises. Nobody knows. Okay. So, it's my duty to mention.

[00:05:05]And if you're wondering why are we considering, okay, these levels, then let me show you why. Okay.

[00:05:10]So, 4480, okay, we are considering because of Fibo.

[00:05:16]Fibo 23.6% retracement level. For the last couple of months, Fibo is not doing a great job. But if volume remains low, volume is dry, then it may work. Okay, chances are low, but it may work. So, it's my duty to discuss, so I'm discussing.

[00:05:31]But 4460 seems to be a better level. Not only price action wise, previous resistance becoming support, but also we can see that, my dear friend, it's Fibo 38.2% retracement level. And 4400, round number, okay, but also 78.6% retracement level. Okay, so if we combine all the factors, then yeah, these are the support levels. But as of now, I feel that there is a possibility higher possibility of market going for a breakout after some consultation. Okay, and again I'm repeating, today is Friday. If you see some crazy moves, illogical moves, stop trading, spend some time with your friends and family.

[00:06:07]Okay, and if you see some big big candles, then forget levels and go with the flow. Okay. So, let's wait and watch. Last Friday was silent, this Friday God knows. Bye-bye, take care.