RekcsG

GOLD is going is way up

OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD

I think GOLD will continue is way up and won't broke the ascending channel that we are currently in. At this moment GOLD is trading sideways. When this pattern is formed, usually we see a continuation on the trend. That's why I think it won't broke that resistance zone and will test the trend line until it goes up and break the resistance level heading to somewhere close to 1830.000. In addiction, I believe those 2 EMA's (100, 200), will work as a support if the pair comes down to the trend line.

If the par doesn't move to the trend line and actually breaks above the resistance zone, I will probably wait until it makes a correction to the now support zone and go long.

What's your plan for GOLD?
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.