XAUUSD Long to 1271+
Updated
Gold has broken its $1250 area for the first time in a while.
We are in a clear uptrend at the moment.
It has retraced back down to a previous key level (indicated by the blue dotted line) where price has reacted nicely.
This area lines up nicely with the 61% Fibonacci retracement level also.
This is also a touch of the inner trendline as you can see on the chart, another added support level. - That's 3 levels of support the price action has underneath it.
I am waiting for a bullish candlestick to form from this level on the 4hrly before I will enter long.
Targets will be 1272~ which is the D1 extention on the Fibonacci, however I think 1275+ can easily be achieved.
Stops would be going below the recent low formed at 61%/blue dotted line area. Around 20-30pips below there.
We are in a clear uptrend at the moment.
It has retraced back down to a previous key level (indicated by the blue dotted line) where price has reacted nicely.
This area lines up nicely with the 61% Fibonacci retracement level also.
This is also a touch of the inner trendline as you can see on the chart, another added support level. - That's 3 levels of support the price action has underneath it.
I am waiting for a bullish candlestick to form from this level on the 4hrly before I will enter long.
Targets will be 1272~ which is the D1 extention on the Fibonacci, however I think 1275+ can easily be achieved.
Stops would be going below the recent low formed at 61%/blue dotted line area. Around 20-30pips below there.
Note
Remember we were looking for a bullish signal on the 4 Hrly at this specific level - which we DID NOT see.So technically we would not have entered this long! However I did infact enter long and got stopped out - which is fine as I knew it was a bit of a gamble, a small stop and a massive reward target let me take the gamble!
We have broke the inner trendline at the moment on the 4 hourly.
This is a pivotal point for Gold at the moment IMO.
We have had a break down but a whip back up.
If you look at the daily TF you can see a possible hammer forming - if the hammer forms and stays above the inner Trendline, I would remain with a long Bias on this pair, however if it retests the Trendline as reistance and gives us some bearish Price action on the 4 hourly, we could be looking for shorts down to the overall Trendline.
So we will be keeping an eye on this pair on the 4 Hourly closes and Daily closes especially.
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.