Wave-Trader
Long

XAUUSD Watch 618 for long

OANDA:XAUUSD   Gold Spot / U.S. Dollar
HI there,

Gold is forming new low with in the bigger daily correction and testing the 618 of fib lines.

How to trade.

1. Watch 618 and look for buy

OR

2. Wait for the 1st impulse on 15 minutes time frame and join.

OR

3. Look for buy breakout after having 15 minutes correction.


In case price keeps falling and we dont see any price action at 618 or 786 and close below the previous low then it will invalidate the buy setup.

Good Luck

Please support the setup with your likes, comments and by following on TradingView thanks
Comment: Nice bounce off. I hope you are in look for more upside.
Comment: Thats called amazing bounce off from bottom.

Watch for more upside.
Comment: Watch continuation.
Comment:
Comment:
Comment: Thats called master class.

Comments

+1 Reply
@bodafx, Nice chart
Reply
Thanks, good analysis.
Reply
Very possible the action after the Fed was a false breakdown... false breakdown's are powerful reversals.
Reply
Wave-Trader mortdiggiddy
@mortdiggiddy, there is no like flas breakout in the market.I was already expecting one more drop before the final rise.
Reply
mortdiggiddy Wave-Trader
@Wave-Trader, I never got the execution on wednesday but I am looking at this, silver, and copper for a strong long.
Reply
Wave-Trader mortdiggiddy
Reply
Nice analysis, and its happening now
Reply
Wave-Trader SammieAsava
@SammieAsava, thanks and it is
Reply
Basically on this chart you can see that every single year we witness a big drop of the Gold in the last quarter of the year. Gold price is tightly related to the USD. Since the US government usually boosts the dollar by increasing their interest rate, by the end of the year we can see strong dollar and weak gold. Then since January we can see a full revovery of the price and then we can start buying.
We can see what a strong resistance we have on the way up preventing the price from increasing now (at 1,209) and how few evidences and obstacles we have when we speak of a drop.

I made a chart like this 1 month ago when the price was 1205 and since then gold is down 20 usd.
Reply
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