GOLD BUY Continuation of Trend
As we all know, GOLD (XAUUSD) has been in a very strong uptrend from lows at around 1450, reaching highs of 1738 and 1764. Following an aggressive sell off yesterday by the bears, we can anticipate that price is just looking for a better opportunity to continue the uptrend for the long term. Also, price has continued to stay strongly above the 200 moving average exponential indicator, indicating that price is going to continue the trend. I would set up a buy order for this trade with a Stop Loss at 1722.00 and Take profits at 1764.00. A sweet 420 pips with a risk of 120 pips. This is a trade set up with a 1:3 Risk to Reward Ratio.
Entry: 1734.21
SL: 1722.00
TP: 1764.00
Entry: 1734.21
SL: 1722.00
TP: 1764.00
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