XAU/USD
Gold currently has undergone strong momentum after a big push on the bottom of our descending channel (As we discussed earlier) & bouncing on the weekly 50MA. Now we have two options that I see as relevant.
1) We are in oversold RSI territory along with strong overhead resistance. My ultimate target is 1900+ and even a push to almost 1926 relative area. I would feel confident entering the market if we have a correction to my target zones. This would be idea to capture the the majority of the movement.
2) The other option is if we continue to breakout would be to trade the breakout carefully. Once we push passed the Daily 50MA we will pushing towards the 100ma aggressively.
Happy Trading. See you at 1900 GOLD soon!
Gold currently has undergone strong momentum after a big push on the bottom of our descending channel (As we discussed earlier) & bouncing on the weekly 50MA. Now we have two options that I see as relevant.
1) We are in oversold RSI territory along with strong overhead resistance. My ultimate target is 1900+ and even a push to almost 1926 relative area. I would feel confident entering the market if we have a correction to my target zones. This would be idea to capture the the majority of the movement.
2) The other option is if we continue to breakout would be to trade the breakout carefully. Once we push passed the Daily 50MA we will pushing towards the 100ma aggressively.
Happy Trading. See you at 1900 GOLD soon!
Trade closed: target reached:
Buy 1840 - TP 1851
Comment:
Now we look for better entries