Long

Gold (XAUUSD) Monthly Chart BULLISH

By EACoders

Updated

There is a great BULLISH setup on the Gold Monthly chart. It's a long-term trading opportunity.

There has been a descending trend line which has been broke to the upside and re-tested. The market has bounced off this trend line with force.
A strong area of resistance has been re-tested many times. The price moved strongly above this area and is about to close out the month, making it a support area moving forward.

ENTRY = 1990
TAKE PROFIT = 2500
STOP LOSS = 1790

Note

Gold has corrected down to ENTRY level!

Trade active

Gold has taken off and is currently retracing down. The long-term outlook is still valid. Buying on dips like this whenever they occur, until target is reached, may be a wise thing to do. This is a very reliable trade setup. It can be used for long-term traders, day traders, or even scalpers getting in and out in the general direction.

Note

Gold is on the way to target. There is still a lot of upside left. This may be a good opportunity to get in on the dips and take profit along the way over and over again. It's a long-term trade setup and will take a while to play out.

Trade closed: target reached

TP on Gold finally reached!

EACoders

EA Coders:
✅ eacoders.com/

TradingView Forum Topic:
✅ forex.zone/technical/11/tradingview-charts-tradingview-reviews/4124/

PineScript Forum:
✅ forex.zone/tradingview-pine-script-indicators/41/

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