Phenlx
Long

Gold maybe the right time to initiate the upleg on weekly chart?

FX:XAUUSD   Gold/U.S. Dollar
143 0 6
Gold             is since 8 weeks caught in a trading range between 1050 - 1090 USD / ounce.
Long time which might be an indicator for an uncertainity in the market or balanced pricing (in this analysis my preferred interpretation).
There is a high probability that shorties will be wedged out the longer we stay at this level (decreasing hope for lower prices). From technical perspective I would say that we might have the right time for a major upleg on weekly basis hence I would search for long entries. My Entries would be around 1087 USD tight SL which would be trailed on lower time frames. Maybe we catch a nice Rallye Trend upwards? (Analysis on lower Timeframe linked to this one).

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Please remind yourself that this is just my personal view on the market and you always should do your own analysis before trading. My Analysis should not serve as any recommendation to buy or to sell. My analysis are just my ideas and opinion how market could develop.



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