OANDA:XAUUSD has broken out of the downtrend after the 1260 rejection and with hourly timeframe moving averages confirming the trend change. Bulls are still in the game and it looks like it will have another try against the Wall of Trump resistance.
No big positions as of yet as I expected a pullback that didn't materialize and it consolidated for 2 days straight after the FOMC breakout.
4H Timeframe View:
OANDA:XAUUSD is sitting just right above the 200MA and its looking to be a firm support for the next upmove
1H Timeframe View:
OANDA:XAUUSD is forming higher lows after the FOMC breakout which suggests buyer strength. The 1230 level/20DMA is still acting as a resistance but as long as the current momentum continues it will be great to take a long position if there will be a short pullback to the 1206-1207 level and if the said level holds.
Just in case the level doesn't hold, we can look for a pullback till the 1219-1220 and take a long position if it holds.
Preferred Entry: 1219-1220 Stop: 1216 Profit 1260
Any feedbacks are appreciated!
Trade active
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Took the pill, looks like it will breakout
Long: 1231.02 Stop: 1229 Profit: 1262
Trade closed: stop reached
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Stopped out possible trend reversal so currently neutral
Trade active
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Late Update
After the break of the bull support, it suddenly retook and even retested the 20MA/50MA on 1H tf
Entry: 1231.89 Profit:1262 Stop: 1230
Comment
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Took partial profits waiting for another entry
Comment
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Currently retesting the previous resistance turned support
1H Timeframe View:
4H Timeframe View:
As long as the 1H yellow line(50MA) and 4H red line(20MA) holds then the rectangle will be either an ideal long entry point but if it breaks and holds below the supports then it would be a great short entry area as well
Trade closed manually
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Uptrend broken. Possible reversal so currently waiting for direction.
Trade active
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Took a short scalp as it looks like its ripe for a pullback
Short: 1243.91 Stop: 1246.5 Profit: 1234
Might close the position early if target isn't reached before US session ends
Trade closed manually
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Closed long with small profit. Markets currently too volatile
Do I understand your post correctly, XAUUSD to have a downturn towards 1206/7 level befor an upturn towards 1260 level is expected?
SimpleMillennialAverage
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@FreddieC, IMO it might stay on current levels before breaking out as it had the opportunity to pullback last thursday/friday but there is a possibility that XAU will pullback on monday session
bhsencer
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Agreed .... time to hold a core long and/or built it while gold is at this levels ... it will take some time to go beyond 1250-60 and last year's high .... but to me all things are falling on its place for PM.... like DXY ...etc. Gold is very early stages of bull, all necessary components are coming together slowly.
SimpleMillennialAverage
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@bhsencer, Agreed but I actually leaning towards holding XAUEUR more considering the EURO pairs spiked very high and looking like its going to reverse