MaxFaulkner

XAUUSD Buy Looking Strong

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
On the 15 minute chart gold is looking like a good buy opportunity. I have plotted the bullish trendline and price has fallen into a zone that price has been frequently seen to move erratically in. It has also lined up well with a fib retracement as price came down to the 61.8% line showing more potential. I am not entering the trade yet as I would personally like to wait for a confirmation sign such as a candle like a bullish engulfing . I want to wait for this confirmation as price could break the trendline and fall to the downside which would line up with my EURUSD sell trade.
Comment: Quick Update: Price has broken through the trendline I plotted which is exactly why I waited for confirmation. Price has now come down to the 78.2% fibonacci line and we could still see a move to the upside if this turns out to be a false breakout. I will be watching for the next few minutes just to see if there are any good entry points that align with my idea.