The_Greek_Trader

TO WHICH DIRECTION IS THIS GOLD CONSOLIDATION IS GOING TO END?

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Hello traders,i hope you had a great trading week so far with some serious actions on EURUSD and Gold ,
plus some others major pairs.
We had some serious downtrend move since risk and fear were reduced as trade war between USA and China seemd to calming down and N.Korea nuclear tests stopped but now we are in a serious support level .
That's why we had a good bullish reaction plus trade war seems to have some more fuel in it's tunk.
But let's see what it's in store as far as fundamentals.

FUNDAMENTALS OBSERVATIONS
1.We can see the channel that the price of Gold consolidates for some time now between 1.300 and previous highs 1.365.
2.We have a bullish advanced pattern that already unfolds.
3. RSI is in oversold area.
4.We can see a perfect bounce from 200EMA which is signalling that we are still on bullish mode and we must looking for longs as we have the best risk/reward ratio from these levels.
5.At 4h chart we have a double bottom with bullish divergence on RSI .
6.We can watch about shorts after 1.300 level breaks and re-tested by price action or when the black ascending trendline on the chart.

POSSIBLE TRADES
TRADE 1
ENTRY AT 1.305-1.310 LEVEL
STOP LOSS AT 1.295
FIRST TARGET AT 1.330
SECOND TARGET AT 1.342

TRADE 2
ENTRY AT 1.305-1.310
STOP LOSS AT 1.280
TARGET AT PREVIOUS HIGHS 1.365


THANK YOU FOR SUPPORT!KEEP FOLLOWING FOR MORE PROFITS!
DON'T HESITATE TO LEAVE A COMMENT OR A QUESTION YOU MIGHT HAVE!

Trade active
Trade closed: stop reached

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