As you know, the #FED is poised for a #ratehike before the year ends. By all circumstances and they pull the trigger on Dec 2016 we may see a repeat of Q4 2015 price action. #XAUUSD will fall before rallying up. This time breaching 1400 level come 2017.
First hurdle is 1325 breaking YELLOW trendline.
2nd is breaking descending triangle, 1300 psychological level and finding support at 1275 RED trendline.
3rd is 1250 ORANGE trendline.
And finally, 1200 psychological support PURPLE trendline.
Up to which level #XAUUSD will hold? The #MARKET can only tell but the long term strategy would be BUY ON THE FOLLOWING LEVELS in my opinion.
Comments
GenshinSTARTs
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hehe
happyluckydog
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thanks, I think it is going to test $1260
sulbas
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Sounds good but you know bro gold is like a skittish girl ;) so range of 1200-1300 would probably be the best mine field for to be trapped at a shot positon :)