Gold Buy Idea After Trend Line BreakoutH4 - Price has broken above the downtrend line.
Currently, it looks like a pullback is happening.
Bullish hidden divergence.
Expecting further continuation higher until the strong support zone holds.
GOLD-BUY
XAUUSD - Don't Miss This OppertunityShort Term/ Mid Term Trade - Gold has respected the 1801 support zone last week, which eventually broke on Friday afternoon.
I would like to see Gold retrace to 1801.90, before following the downward trend. As i've mentioned already, Gold respected the Support Zone on multiple occasions throughout last week.
However, we have seen a lot of volatility recently in Gold as investors are taking their money out of Gold and investing elsewhere. Gold has been used as a 'safe haven' for Investors, whist COVID has caused uncertainty in Stocks and Shares. Although, the vaccine has now put confidence in Investors to start taking their money and re-investing in stocks. This is why we're seeing large sell-offs.
I will be trading XAUUSD cautiously in the coming weeks, as I still believe we will see a further spike, favoring the Bears.
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XAUUSD / H&S IdeaThis looks like a inverse head and shoulder pattern, we could see more upside to 1907 (our target) which was measured from the distance between the shoulders or ' channel ' before the price broke down to form the head.
Two possible entries:
1. 1885
2. 1896
Set your own stoplosses. Use your own risk management. However, I'd like you to kindly note:
You can enter a little later on the top position, making sure it is a clear break before you enter to give you a little more confidence. You don't need to ' RUSH ' into your positions.
Be safe.
I will make a comment later on in this idea