dlifestyletrader
Long

Gold: Awaiting Major Rebound

FX:XAUUSD   Gold Spot / U.S. Dollar
The gold has been consolidating (with some new highs) for the past one month since it first broke above 1500.
Previously, the gold has also consolidated for a month and a week since it first broke above 1400.
Which also means, we are 1 more week away from a major bullish wave which could potentially break 1600.
The price has dipped for the last 2 trading days which has probably led to a major stop out of buyers.
Wait for patiently for the price to dip a little lower into the demand zone and/or the bottom of the 3-month rising channel to buy.
Very good idea.
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