XAUUSD. Excellent place for adding longs
Updated
XAUUSD, also known as Gold, may not have bottomed yet but it is very close to some excellent levels for addning long positions!
I´ve already bought a small piece at 1270 and will keep adding longs as soon as Golld will get closer to 1250 (if it will of course). As per this chart, if the fork bottoms are broken, Daily 200 MA will be next important barrier and 61.8& fibo should be the ultimate wall for this sudden but heavily expected dump. Wave B if finishing, time for a final correction wave C
I´ve already bought a small piece at 1270 and will keep adding longs as soon as Golld will get closer to 1250 (if it will of course). As per this chart, if the fork bottoms are broken, Daily 200 MA will be next important barrier and 61.8& fibo should be the ultimate wall for this sudden but heavily expected dump. Wave B if finishing, time for a final correction wave C
Note
Gold and US Dollar have always had an opposite correlation: while US Dollar moves up, Gold moves down. This case is not different at all.If my forecast is correct, we are approaching to the local top for the US Dollar as per chart below
Trade active
Bought 0.25 lots at 1250. Moved to breakeven. I think we can still spike down tomorrow on NFP report but everythin indicates it will be very neutral (probably 150K) and, after a short spike up, US Dollar should declineNote
Longed 0.25 lots on Gold. SL: 1235. Trying to catch a falling knife...Note
Parallel Lines holding. Come on!Note
We have reached an important resistance now which is the fork line. Good place for vendors to step in and try to push the price lower, specially with a growing DXY.Nevertheless, US market is closed today, so we may have to wait until tomorrow to see some real action. Chart below
Note
Gold is bottoming. With the last DXY uprise we may see gold quotes going lower where we can start adding longsNote
Looks like gold is heading to 1300 and plans to stay there at least before the elctions...Order cancelled
Following on a newer chart
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
Related publications
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.