Gold: Should We Watch For Longs?

FX:XAUUSD   Gold / U.S. Dollar
1377 8 34
Multiple rejections at the upper parallel gives a valid slope median line set and with price now been rejected at the median line we should keep a closer eye for a buy setup to complete in the lower timeframes. Looking left we may see that from current level price went up with a huge wide range candle.

Comment: Buy setup is about to complete. Buy the breakout of the correction.
Comment: Price broke above the corrective structure, has pulled back to test the upper trendline and it's seems that is leaving the level for north. The buy setup has completed
TY Fxprotrader,
A rise in GP looks like it could be a good trade here.
I notice a return to Top T/line by Dec, on your chart.
Just in time for Grandma and her friends to SAVE FACE and lift Interest rates.
Gold Down!

Or will the data prevent this from happening?

Now with employment approaching, full(er) employment,...(We don't expect 200,000 new jobs, as a lesser amount now is not that bad. IMO. )

Then we turn to Productivity/wages, which is poor, and still getting poorer in my view.
So it’s harder to get people happily paying more for goods and services (i.e inflation) without more money in their pockets!

Which leaves us with.....? What? Face Saving? Is this the bottom line?
Fxprotrader Iskandarglenn
I am not interested to all this data. I only look for setups into a chart based following a valid slope most of the times in the direction of the trend.
is this trade under your view activate?
Yes i am in
Dguaman Fxprotrader
are you using really tight SL? ..and some TG in mind? thanks Sir !
Yes that's why i look for setups in the lower timeframes. But because i noticed that most of the guys in TV follow the setups blindly with no a tested strategy in place, i decided to just share my thoughts with as much detail as possible but with no exact sl and tp. But now in this one i am already in.
+1 Reply
Dguaman Fxprotrader
I think that ill wait for a little retracement to 1252-1254 and get into also .. and ill aim to 1285 ;) !
Good luck
+1 Reply
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