Trade Plan (Pending): I am Buying Gold (XAU/USD) at $1,892
With Gold breaking through the previous swing low of $1,915, we have completed the BC leg of the Bat formation. This pattern will be completed at $1,892.
I have strong bespoke support at $1,890. We have the open point of control (PoC) from Monday, August 21 at $1,889. I am looking for this downside support area to be substantial and offer a medium-term swing low.
This pattern will be negated on a move through the previous swing low of $1884. The stop is placed below.
The daily chart highlights a 261.8% extension level close to the previous swing high of $2,062. This is my medium-term target.
The monthly chart highlights an Expanding Wedge formation that has a bias break to the upside. This highlights the scope for further long-term buying.
The weekly chart highlights a corrective flag formation. The measured move target is $2,334. This is my long-term target.
I am buying Gold at $1,892
SL: $1,882
TP1: $2,062 Risk/Reward factor of 17(R)
TP2: $2,334 Risk/Reward factor of 44(R)
#tradeplan #Gold
I have strong bespoke support at $1,890. We have the open point of control (PoC) from Monday, August 21 at $1,889. I am looking for this downside support area to be substantial and offer a medium-term swing low.
This pattern will be negated on a move through the previous swing low of $1884. The stop is placed below.
The daily chart highlights a 261.8% extension level close to the previous swing high of $2,062. This is my medium-term target.
The monthly chart highlights an Expanding Wedge formation that has a bias break to the upside. This highlights the scope for further long-term buying.
The weekly chart highlights a corrective flag formation. The measured move target is $2,334. This is my long-term target.
I am buying Gold at $1,892
SL: $1,882
TP1: $2,062 Risk/Reward factor of 17(R)
TP2: $2,334 Risk/Reward factor of 44(R)
#tradeplan #Gold