Hello traders! Today i want to share with you an idea that i have in the XAU / USD for the long term. Keep in mind that it is a vision on a DAILY chart, so it probably has a time horizon of couple of months.
Gold recently broke important level of 1800, price even bottomed at 1765 - last top of previous correction, where lot of retail traders had their stoplosses so the Big Players can get into their positions.
Technicals are showing nice complete correction phase, about 115 days in correction is quite long time. Also gold has tendency to move a lot during - seasonal pattern from December till February, all im waiting for is break of trend in correction and get flag to get in trade after breakout.
Fundamentals are still showing weak USD - Quantitative Easing, Low interest rates, also pandemic is still not over, even the vaccine is started to being shipped it doesnt meant pandemic will disapper right away.
Enjoy! Trade your Plan
I´m not encouraging anyone to take any trades by my analysis, it´s only my point of view to current market conditions.
Gold recently broke important level of 1800, price even bottomed at 1765 - last top of previous correction, where lot of retail traders had their stoplosses so the Big Players can get into their positions.
Technicals are showing nice complete correction phase, about 115 days in correction is quite long time. Also gold has tendency to move a lot during - seasonal pattern from December till February, all im waiting for is break of trend in correction and get flag to get in trade after breakout.
Fundamentals are still showing weak USD - Quantitative Easing, Low interest rates, also pandemic is still not over, even the vaccine is started to being shipped it doesnt meant pandemic will disapper right away.
Enjoy! Trade your Plan
I´m not encouraging anyone to take any trades by my analysis, it´s only my point of view to current market conditions.