XAU Long

I believe we may be looking at a bullish flag in this very tricky territory.
I suggest it be very tricky, for the multi-year resistance trend that xauusd has been respecting; multiple touches with rejection as of recent few months.

And zoomed in on possible breakout zone, below..

I am entertaining the idea that xauusd over the last few days has broken out, and returned to trend line for confirmation breakout or the return to the trend.

DXY has only been adding to this theory in the short term as the 45th wants a weaker dollar and since inauguration he has got what he wanted.
Could we see continued weakness in the dollar while gold finally makes a break and release of a multi-year resistance?

At this price point to me is worth some risk.

I am already and have been hedging short, so I'm happy either way, let's ride!

My ideas are my own! RIP those who copy!

Comment:

So far so good, breakout upward from bullish flag, now if only we can get past 1270's.

Trade active

Comment:

Couldn't be going any better, stop loss moved up.

Comment:

XAU is taking it nice and slow here, don't want to tip everybody off to the bigger move that could be at play now.

XAU is bouncing on .618 Fib level of the recent breakout. Let's see if it hold or if it breaks down and we see some slip back to 1250

Comment:

Fib level held and now I can enjoy the rest of this ride up.

Particular area of interest in the near term is 1296 > 1310.
I will likely take some profits if price reaches that level in expectation of some pullback.

Comment:

3 Day Update

Trade closed: target reached:

1340 hit.
Trade Complete with both TP's of 1330 & 1338.