Nice idea on XAUUSD and there may be potential gains as you have identified by going long. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first support at 1212.15. It is a horizontal pullback support, 100% Fibonacci extension , 38.2% and 50% Fibonacci retracement. Stochastic is approaching support and we might see a corresponding bounce in price. If a corresponding bounce does occur, we may want to take a look at the 1240.00 resistance level. It is a horizontal overlap resistance, 61.8% Fibonacci extension and a 38.2% Fibonacci retracement.
Please take a look at our idea and share with us what you think.
Please take a look at our idea and share with us what you think.