Gold Breakout On The Upside
XXAU/USD has been trading downwards since April which gives us a potential set-up to long XXAU/USD
Long-term downside trend-line has been formed which gives us a chance to buy the breakout.
Current long term outlook on XXAU/USD
Long-term downside trend-line has been formed which gives us a chance to buy the breakout.
Current long term outlook on XXAU/USD
- is Bullish.
Also, with China seeking WTO's permission to impose sanctions of US$7 Billion, this might affect prices of XXAU/USD
as
XAU and 
USD have an inverse relationship, sanctions could further support the upside breakout of XAU
Target: 1258.45
Resistance: 1235.42 (61.8% Retracement)
Support: 1210.05, 1208.30 (Heavy Trading at this price range)
Note
Gold Has currently broken the bearish trendline,Look out for the retracement back to contest the trendline to buy back in
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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.
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.