XAUUSD Long contention following a shallow Asian session
Gold vs US Dollar 's Wednesday morning Comment4:
Following a very shallow side way move at Asian session early this morning. With Gold just gained nearly .5 USD per ounce . The XAGUSD shows a potential for a move up to follow on the strong BULLISH trend as it did for past few days ( view Daily chart above ).
On the other hand. XAGUSD is holding well above the long term 200 days simple moving average (that's why we dont recommend any short trades on the XAGUSD for the coming days). The 50 and the 20 days simple moving averages are also confirming continuation of the the well establish BULLISH trend. on the other hand. a Flag Pattern is emerging on the 30M Chart. Which might resolve up in the direction of main BULLISH Trend on Daily Chart
CONCLUSION: As per above general BULLISH trend; Only Long trades to be considered following completion of any counter trend falling correction on the 30-minute chart. (Note: This conclusion is only valid as long as price is holding above the 200 periods simple moving (red dotted line) average the on the 30-M chart ). For the final Long entry signal please watch for the coming vertical Key Time Reversal Zone on the 30M chart (as presented on 30M chart below)
Following a very shallow side way move at Asian session early this morning. With Gold just gained nearly .5 USD per ounce . The XAGUSD shows a potential for a move up to follow on the strong BULLISH trend as it did for past few days ( view Daily chart above ).
On the other hand. XAGUSD is holding well above the long term 200 days simple moving average (that's why we dont recommend any short trades on the XAGUSD for the coming days). The 50 and the 20 days simple moving averages are also confirming continuation of the the well establish BULLISH trend. on the other hand. a Flag Pattern is emerging on the 30M Chart. Which might resolve up in the direction of main BULLISH Trend on Daily Chart
CONCLUSION: As per above general BULLISH trend; Only Long trades to be considered following completion of any counter trend falling correction on the 30-minute chart. (Note: This conclusion is only valid as long as price is holding above the 200 periods simple moving (red dotted line) average the on the 30-M chart ). For the final Long entry signal please watch for the coming vertical Key Time Reversal Zone on the 30M chart (as presented on 30M chart below)
Trade closed: stop reached
