Long

XAU/USD Lately

Updated

Gold price entered a parabolic movement, right afterwards price action shows a daily consolidation. In my opinion there might be a retouch at blue support/resistance zone. Although parabolic movements are usually followed by:

1) Cup and handle pattern which is a bullish sign.
2) A sudden drop

Also, recently the the candle opened above the consolidation, which makes believe it is a good chance to at least catch some PIPs from the current price action to the 1740-1760 area. My TP 1 will be 1740, as for my TP 2 will be 1756. I will set my SL at breakeven where suitable. A liquidity build-up above the consolidation is very possible.

Note

Please feel free to comment or agree with my idea. I will answer questions in the comments. Thank you.

Note

Gold price is playing in our favor. My predictions were right, Liquidation took place above the consolidation and broke above the strong resistance. I closed my TP at 1747 from a long position at 1727. For those who follow me and use my ideas, I do ask you to engage more often in the comment section so i can give you exclusive updates on my trades.

Note

Now I'm waiting for the final profit target which is 1756-1761.

Trade active

Live price: 1752

Trade active

Close half profits now 1754. Leave the trade running till 1761. Set your Stop Loss at 1746.

Trade closed: target reached

TP 1 hit 1747 ✅
TP 2 SL hit profits ✅

Trade closed: target reached

Hey Good Folks,

Congrats to whoever profited from this analysis. Don't forget to like if you agree with my ideas and comment for any questions. Help me grow my reputation while I help you grow your accounts.

Yours Truly,
FXwabz
A.K.A " The Gold Chemist"

FXwabz

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.