Gold: Is Price Action Signalling A Buy?

FX:XAUUSD   Gold Spot / U.S. Dollar
1557 46 17
Price has been moving in a sideways bias within the past few weeks, as I hinted earlier that multiple breakouts above moving averages usually hints sideways bias. However, every dip was re-bought strongly, we have seen multiple rejections at the floor of this sideways range at 1280.00-1270.00 area. A bullish divergence on Momentum continues to be obvious as well. I am looking to long gold             near 1290, targeting 1330 and 1350. with a stop loss below 1275.00

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Still long waiting for a break higher after short/long long/short the 4hr chart like fximperija :) Don't think there will be a break in any direction until the FOMC tomorrow. This market is waiting for something and my hunch its a break higher - before going down like most expect. I like this idea Good luck all!
Willing to long gold again, will probably see a rally.
+2 Reply
VladimirGas Technician
May I ask you what is your strategy to enter long after the rebound today?
Deus Technician
Geez.. it gives me tic! Still waiting for downside break though allowing some upward correction now.
Great Call Deus, its breaking heavilly
MarketAlly Technician
where's the love Tech... called this 7 days ago ;)
Still short on Gold
+1 Reply
fximperija fximperija
Just an update :) Gold completed the bullish gartley and reversed on a dime for a nice long. Target 1 hit :) punched through 50 fib and on the way to Target 2. Beyond T22 is another bearish pattern. I would trail the PA from T2 expecting a bearish move.
Pashabxl fximperija
And you were right. Cogratulations....
Guys, After yesterday's rejection I exited the trade with a minor profit at 1293.00.
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