OptimoomFX

Gold- 7 Months correction over?

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
I've been bearish Gold on short term considering that only a new local low under 1760 would complete the correction started in August.
It seems this time I was wrong and I closed my 1800 and 1810 sells with a manageable 50 pips loss overall
Getting back to technical analysis , after reaching 1815 zone resistance, Gold drop as expected, but once it dropped under 1800 and reached 1795 support, bulls took control and the price quickly rebounded to 1810. This can be an indication that indeed 1760 is a bottom and Gold is ready to resume its uptrend.
At the time of writing XauUsd is trading at 1809 and I expect 1790-1795 to hold.
This being said, buy dips towards this support could be a good strategy with a good risk:reward if we target 1825
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Comments



In my opinion, gold will continue to fall this week
Good luck, hope you won't touch the stop loss
+3 Reply
OptimoomFX YunShen
@YunShen, it was also my opinion, it chaged now
Reply
It looks like the gold is back in bearish mode now... What are your thoughts?
+2 Reply
OptimoomFX linkasad
@linkasad, i wait to see the daily close.
I will post my thoughts tomorrow
+1 Reply
Great work!
+1 Reply
OptimoomFX TradingStat
@TradingStat, thanks
Reply
I have the same view, thanks for sharing💪
+1 Reply
OptimoomFX FieryTrading
@FieryTrading, thanks
Reply
great analysis
+1 Reply
OptimoomFX T_V_TreeTrader
@T_V_TreeTrader, thanks!
Reply
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