Gold (XAUUSD) Monthly Chart BULLISH

There is a great BULLISH setup on the Gold Monthly chart. It's a long-term trading opportunity.

• There has been a descending trend line which has been broke to the upside and re-tested. The market has bounced off this trend line with force.
  
• A strong area of resistance has been re-tested many times. The price moved strongly above this area and is about to close out the month, making it a support area moving forward.
  

ENTRY = 1990
TAKE PROFIT = 2500
STOP LOSS = 1790

Comment:

Gold has corrected down to ENTRY level!

Trade active:

Gold has taken off and is currently retracing down. The long-term outlook is still valid. Buying on dips like this whenever they occur, until target is reached, may be a wise thing to do. This is a very reliable trade setup. It can be used for long-term traders, day traders, or even scalpers getting in and out in the general direction.

Comment:

Gold is on the way to target. There is still a lot of upside left. This may be a good opportunity to get in on the dips and take profit along the way over and over again. It's a long-term trade setup and will take a while to play out.