After breaking out of the wedge structure 6 weeks ago, XAUUSD has gone on to form an ABCD structure with point D terminating at a strong level of support also. As long as the price stays above 1200, upside targets will be 1250 and then 1275. Fundamental news is favouring a stronger Dollar meaning Gold prices will fall and this tells us to trade with extra caution during these times i.e 50% position capacity
Note
Price is deep in the buy zone...will be monitoring today for an entryTrade active
Enter with caution...
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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.