GOLD-BUY
Gold - Long (continuation of the uptrend)Setup: Prices retraced to the 38.2 Fib level after an impulse which created a new high at the ±1700 level.
Trade: Entry at the retest of the strong 1650 area, with targets set at the 1740 level (-27.2 level) and 1790 in extension.
SL is set slightly below the 50% fib, protected by structures both at the 38.2 level and previous low at ±1642
Waiting for the break on GOLD (XAUUSD)Now the price is within a zone from where we are waiting for the breakout or the breakdown.
Note that fundamentals are coming soon so the market can be choppy. Therefore search for the signals afterwards.
Wait for a significant breakout or breakdown candle around the support or the resistance zones marked with grey. You can use lower timeframes for better signals but don't forget to pay attention to the H1 and H4 in the meantime.
Daily chart *gold* xauusdNow, for the daily chart we will be looking for a good entry if the gold break the resistance so we will get in with buy order @1530 and our first tp will be @1539 then watching the gold if it breaks the second resistance our second tp will be @1558. But if the gold won't be able to break the resistance we will get in with a great sell order and takes our profit @1485.
Gold Short
*Sell Limit Order*
Its evident that the price is stuck in a sideways channel, and the area at which the price rests gives no clear indication on the short term bias. Coming off some strong bearish movement cause by the NFP, there no clear sign of a solid loss of momentum, thus Bias should remain bearish. I'm looking for a retest at the 1465 psychological level.If price rejects like the previous resistance, we can be confident to short and look to drop into the zone at 1454 region which is a major support level.
In addition, from a fundamental point of view we can expect further downside due to the positive employment and earnings reports (NF & hour earnings) from last week.
A trump tweet in regards to the china trade deal might swing the price back up, but i do hold strong bearish bias for the short term.
Stop loss is tight as a always, with a- 1:6.5 Ratio
Sell Order Entry: 1465.3
SL: 1467.0
TP: 1453