XAUUSD
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My bias on XAUUSD (GOLD) is long for certain confirmations to support my confluence package of taking this trade to new heights for the last phase of 2019 financial year with US & CHINA trade war still insight of completion of first phase of mega deal, however such information is always useful to support your trading informative collection centre where you store every informations/confirmations.
1. XAUUSD secondarily been lured by investors to score their assets towards "Safe Haven" during 2019 tough economical times, Price has been on Ascending Channel ever since the trade war maneuvered since 16th August 2018 all the way Bulls taking over the trend against Bears in the market.
2. For the last 16 months, Gold has been a solid target for investors, institutions, retail traders and global buyers for Gold (Indication of solid bulliush momentum)
3. Price has formed numerous patterns consecutively 3 times with a solid breakout towards the upside and currently our new higher high for this year, we witnessed Gold smashing 1550 region before price collapsed for short term sell, however price has been moving in consolidation period on bigger time frame, while scalpers & intraday traders did benefitted for short term positions ( consists of 200-500 pips range )
4. I have identified yet another pattern on Daily Timeframe as "Falling Wedge Pattern" with price now being squeezed from 1464 towards 1450 region waiting for that exhaustion to breakout from the pattern.
5. 61.8 Fib align well at 1450 region, rejecting with a lot of buying sensitivity,showing no mercy to sellers.
6. I am all set with position taken at 1451 and to target upside for long term "BUY" making it possible to achieve major psychological level of $1600 per ounce of Gold Bar. (Demand)
7. I have set a position of 1:3 RR
Entry Price: 1451
TP1: 1464 (Short Tern Buy)
TP2: 1475 (Short Term Buy)
TP3: 1510 (Long Term Swing)
SL: 1446
My bias on XAUUSD (GOLD) is long for certain confirmations to support my confluence package of taking this trade to new heights for the last phase of 2019 financial year with US & CHINA trade war still insight of completion of first phase of mega deal, however such information is always useful to support your trading informative collection centre where you store every informations/confirmations.
1. XAUUSD secondarily been lured by investors to score their assets towards "Safe Haven" during 2019 tough economical times, Price has been on Ascending Channel ever since the trade war maneuvered since 16th August 2018 all the way Bulls taking over the trend against Bears in the market.
2. For the last 16 months, Gold has been a solid target for investors, institutions, retail traders and global buyers for Gold (Indication of solid bulliush momentum)
3. Price has formed numerous patterns consecutively 3 times with a solid breakout towards the upside and currently our new higher high for this year, we witnessed Gold smashing 1550 region before price collapsed for short term sell, however price has been moving in consolidation period on bigger time frame, while scalpers & intraday traders did benefitted for short term positions ( consists of 200-500 pips range )
4. I have identified yet another pattern on Daily Timeframe as "Falling Wedge Pattern" with price now being squeezed from 1464 towards 1450 region waiting for that exhaustion to breakout from the pattern.
5. 61.8 Fib align well at 1450 region, rejecting with a lot of buying sensitivity,showing no mercy to sellers.
6. I am all set with position taken at 1451 and to target upside for long term "BUY" making it possible to achieve major psychological level of $1600 per ounce of Gold Bar. (Demand)
7. I have set a position of 1:3 RR
Entry Price: 1451
TP1: 1464 (Short Tern Buy)
TP2: 1475 (Short Term Buy)
TP3: 1510 (Long Term Swing)
SL: 1446
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