ForexTimes
Long

Looking to Buy GOLD on Corrective Wave

FX:XAUUSD   Gold/U.S. Dollar
57 0 2
Two month sharp decline on GOLD             was followed by extreme oversold momentum readings, indicating corrective action would be needed to sustain the decline.

Looking at the 4 hour chart, one can see an upside breakout of the short term trendline in the region of 1098-1046 that was again followed some corrective action (61.8 retracement of 1046-1088). Emergence of bullish engulfing bar indicates we may have a low risk/high reward trade opportunity in the coming week. One thing to keep in mid is that the primary trend is still down so extreme caution is needed when placing entry and exit levels.
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