XAUUSD – Gold looking to soar to new highs … the week of 05 Aug
Updated
If you expect that every trade will be a winner, please move on. Don’t even bother to read this analysis.
Moving on ..
Gold has been a great performer this year, it was very recent that it made an ATH of 2483.68. It then pulled back (profit taking ??) but very quickly the bulls are back and attacking that level again. Gold looks strong especially since the Fed has signaled a rate cut in Sep.
Another pullback looks likely to me and I expect price will find support either at the uptrend line or the 21 EMA. IMO we will break above the ATH and look for higher round numbers like 2500 and then 2600.
If price moves higher without retracing, I will wait for the next small retracement to take a long. If price breaks below the trendline and continues to move in a bearish manner, that will negate my analysis.
Overall, I am extremely bullish on this commodity and will not be surprised if we end up being in a long trade for an extended period of time.
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
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Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Moving on ..
Gold has been a great performer this year, it was very recent that it made an ATH of 2483.68. It then pulled back (profit taking ??) but very quickly the bulls are back and attacking that level again. Gold looks strong especially since the Fed has signaled a rate cut in Sep.
Another pullback looks likely to me and I expect price will find support either at the uptrend line or the 21 EMA. IMO we will break above the ATH and look for higher round numbers like 2500 and then 2600.
If price moves higher without retracing, I will wait for the next small retracement to take a long. If price breaks below the trendline and continues to move in a bearish manner, that will negate my analysis.
Overall, I am extremely bullish on this commodity and will not be surprised if we end up being in a long trade for an extended period of time.
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Order cancelled
Global sell off, stocks, US$, Commodities etc.
This trade is cancelled.
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