dlifestyletrader
Long

Gold: Long Continuation from 1140 Onward

FX:XAUUSD   Gold Spot / U.S. Dollar
The gold has broken new high again after close to a month of consolidation.
Those who chased after the trend when the Asia market opened this morning would have found themselves trapped by a sudden pullback lasted till right now.
The dilemma here is whether the price will retrace deeper but one thing for sure is that gold will continue to climb.
The question is whether is it the right time or the best price to go for re-entry to catch the bullish trend before its too late.
From the technical perspective, the price is in the midst of the 2nd wave of retracement which looks exactly the same as the previous round of retracement before the breakout.
On the other hand, the key demand zone is seen at 1430 just below the 618 level but what're the chances to buy again at this price? Honestly, we don't know.
Oh, and those buyers who were trapped at the peak, where would they set their stop loss? Probably slightly below the previous high?
In my opinion, any price between 1440 to 1427 will probably provide an opportunity to buy again.
So, how would you plan your trade?
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