**Gold (XAUUSD) Update**
After gaining over 700 pips on gold just last week (see the last idea published on the instrument), the positive outlook remains. We anticipate at least one more bullish leg targeting above the 2400 level. Currently, the price is heading downwards towards the red box on the chart (now 2344-2337). Positive reactions in this area will likely generate long positions with the following targets:
- **2357**
- **2371**
- **2389**
- **2400**
- **2416/2423**
However, in line with trend analysis, counter-trend short positions have been placed targeting 2345 in preparation for buying the asset from this red box area.
Ensure you conduct your due diligence!
Refer to the profile or linked ideas for background information.
After gaining over 700 pips on gold just last week (see the last idea published on the instrument), the positive outlook remains. We anticipate at least one more bullish leg targeting above the 2400 level. Currently, the price is heading downwards towards the red box on the chart (now 2344-2337). Positive reactions in this area will likely generate long positions with the following targets:
- **2357**
- **2371**
- **2389**
- **2400**
- **2416/2423**
However, in line with trend analysis, counter-trend short positions have been placed targeting 2345 in preparation for buying the asset from this red box area.
Ensure you conduct your due diligence!
Refer to the profile or linked ideas for background information.
Note
Shorts initially, targeting just before 2345, right before the red box on the chart. As this is a counter-trend trade, constant monitoring and agility are required.Note
Stops moved in favor to 2363, locking in some points!Trade closed: target reached
The counter-trend trade managed to secure around 20 pips at the adjusted stop-loss but price did not reach our target entry area for long positions. However, the confirmed break above 2371 (the top of the focused range marked in purple on the chart) triggered longs aimed at the bullish target of 2416, as previously stated.
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.
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.