LewisGlasgow

XAU/USD - Bullish 5-0

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
I'm back with another 5-0 pattern but this time on the 4h timeframe with XAU/USD .

The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50

Excellent trading opportunity with over 1:3 risk to reward.

The D point seems to be a good area of support to go long as shown below.


Wait until price reaches $1300 before acting upon the analysis, as always I will be analysing this pair further before entry.
Comment: Quick update on Gold, price is quickly approaching the PRZ and I'll be looking to go long once I can confirm the move.


The area around $1300 is a good area of support and has proved to be a central point in the market which price returns to over the past 3 years.
Comment: Update on the 1h chart, this is what I see happening, pay attention to this chart for a reversal at $1300.

Comment: Here is an updated view on what is happening on the 1h chart.

Price is respecting the resistance trendline right now and trading within a rising wedge, expecting further downside to complete the pattern at $1300.

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Comments

Thank you Lewis! Carney mentioned 3% inflation after the BOE decision. Looks like price could break the high and China may hike from there.
+1 Reply
LewisGlasgow Victor.Y.F
@Victor.Y.F, you're welcome and thanks for your insights as always :)
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cool
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great idea :) thx and can You check about chfjpy thanks a lot Your'a the best :)
Reply
great post ! I believe 2018 will be a great year for PMs
Reply
LewisGlasgow mcgough_max
@mcgough_max, thank you :)
Reply
Thanks sir..
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LewisGlasgow Peter_238
@Peter_238, you're welcome!
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