Gold Trading Plan Jan 2021

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Traders, On higher time frame the the gold is creating a flag pattern which if broken can take gold to new highs but at the moment it is stuck in an FCP ( Fibonacci Confluence Zone) zone which has pushed the price down twice already.
XAUUSD can breach this zone and go to the trend line which is also the upper part of the channel. If that happens then it can fall back down at least one more time.

If the channel is broken then upper levels and FCP zones will come into the play. 1928 and 1878 levels are important to watch out for.

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The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only.
Not a financial advice or signal. Please make your own independent investment decisions.


Thanks with the help of this reached the 1942 level :)
+1 Reply
vikinsa KU13HAL
@KU13HAL, great. Thanks for sharing that with me
very interesting, thanks for sharing
+1 Reply
vikinsa abel11
@abel11, Thanks :)
I hadn't spotted the Bull Flag - thanks Vik!! Breaking up on a bull flag can be explosive!
+1 Reply
vikinsa conormcgurk1
@conormcgurk1, :) yes I agree, that can be a game changer for the gold in 2021
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