XAUUSD to reach 1260

FX:XAUUSD   Gold Spot / U.S. Dollar

The price of the XAUUSD has skyrocketed by the bullish market. Due to this uptrend, the trend lines of the triangle have been broken.
From this we can say that a new trend is under way. After zone 1240 has passed, a temporary pullback is created.

when this pullback ends there will be a new upward movement. I think that this upward trend will have a minimal effect towards the 1260 zone.
For now, the small (blue) trendline is respected. If this continues, I expect that the price will reach the TP.

If our TP is reached and the analysis went well, we have a profit of:

- TP #1 +/- 160 pips

The safest place for a stop loss is point 1235.00 ( +/- 80 pips). You can of course always adjust this. This is due to the operation of your own money management.
Trade active: Price respected the green zone. I made a mistake with the support zone. I had to take it down to 1233.00.

Good learning point for the next analysis. There is a great change price will reach the 1260 zone. I will update the analysis if it reaches the TP.
Trade closed: target reached: The price has achieved the target profit. When you followed my analysis and took a long position, we can confirm the following profits:

TP = 1260.00- 1244.00
TP = 160 pips!

Congratulations for the people who took the trade!
Great idea on xauusd, glad that we have the same bullish bias. Fundamentally, the global economic outlook looks to be slowing down and indices are off to shaky start, and all of this plays into the feedback loop of a strong XAUUSD as capital flows into safe-haven assets like gold.
Please take a look at our idea and let us know what you think.

+1 Reply
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