dlifestyletrader

Gold Buy Opportunity at Great Discount

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
The gold has extended its fall on rising yields which has continued to strengthen the dollar.

Interestingly, the gold has also reached and found support at the bottom of a 6-month falling channel .

The major correction has now reached the 61.8% of the Fibonacci level while indicators are showing strong signs of oversold.

However, the current bearish momentum, together with a strengthening dollar, might cause the price to inch lower before it truly bottoms out.

Therefore, we can start to buy with very small positions around 1700, and continue to build position all the way to 1640.

All you need to do is to decide how much risk to take out of your entire portfolio, divide it into segments and open positions accordingly within your calculated risk.

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