XAUUSD-technical analysis

FX:XAUUSD   Gold Spot / U.S. Dollar
892 8 10
Long term my bias is long, first lets take a look at W1 chart:

Price bounced from a strong support with a hammer candle pattern

Here on D1 chart we can see:

1) price is bouncing from main pivot point
2) 0.50 fib retracement
3) bullish divergence on stochastics
4) strong W1 support

Fundamentally, after a sequencies of bad USD news last week, investors may start to buy gold             .

Best regards
I'm looking at that R2 as well with the confluence of the downtrend test.
FullTimeTrader Justiceisfalse
I agree, if the price gets to that area i will be looking to sell
are u still into this trade?
Hello, yes off course the trade is still active, we must follow our plan, no chasing the market. Most important is be disciplined .........
RT.FX FullTimeTrader
yea im buying gold now
Yes, you have a better R/R ratio. The setup is negated if the longterm support is broken. Good luck.
RT.FX FullTimeTrader
yea this support should be hold. i long this morning and close at 30 pip. and i long again just now .
still havent hit ur SL
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