XAUUSD presents me with a set-up that looks very similar to my last publication on NZDUSD (see link below for reference purposes) as the Greenback appears to gradually lose its momentum amidst falling US Treasury bond yields. Gold appears to be on the verge of soaring high in the coming weeks as a complete reversal set-up is evolving. With recent events that turned out during Friday's trading session, the bulls may continue dominating the market provided my Key level @ $1,750 is penetrated to the upside.
Tendency: Uptrend ( Bullish )
Structure: Supply & Demand | Reversal pattern (Double Bottom)
Observation: i. The downward spiral that began during the last quarter of last year appears to have found a bottom @ $1,680 with the appearance of a Double Bottom pattern - a strong reversal set-up.
ii. The appearance of a Double Bottom pattern on the chart describes the reversal or change in trend and momentum from prior leading price action with strong indications that the Neckline (Key level @ $1,750) will be broken in the nearest future.
iii. I shall be looking forward to a Breakout/Retest of my Key level @ $1,750 for confirmations to join the anticipated rally in the coming week(s)... Trade consciously :)!
Trading plan: BUY confirmation with a minimum potential profit of 2,000 pips.
Risk/Reward: 1:6
Potential Duration: 15 to 25 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend ( Bullish )
Structure: Supply & Demand | Reversal pattern (Double Bottom)
Observation: i. The downward spiral that began during the last quarter of last year appears to have found a bottom @ $1,680 with the appearance of a Double Bottom pattern - a strong reversal set-up.
ii. The appearance of a Double Bottom pattern on the chart describes the reversal or change in trend and momentum from prior leading price action with strong indications that the Neckline (Key level @ $1,750) will be broken in the nearest future.
iii. I shall be looking forward to a Breakout/Retest of my Key level @ $1,750 for confirmations to join the anticipated rally in the coming week(s)... Trade consciously :)!
Trading plan: BUY confirmation with a minimum potential profit of 2,000 pips.
Risk/Reward: 1:6
Potential Duration: 15 to 25 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
