VaidoVeek
Long

GOLD (XAU/USD) | Short-term BUY Area

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hi,

The gold price has started to approach a possible buy area. I'll wait for a tiny bounce because of the quite sharp movement downwards and I act after I have seen bullish price action inside the green area.
Criteria count is not so high but the price level (inside the marked area) has worked historically pretty nicely and I expect that this time is not an exception, and criteria are:
1) Channel projection
2) AB=CD
3) Fibonacci Extension
4) Light-blue horizontal line - historically worked price level
5)* Fibonacci retracement
6)* Daily EMA200
7) Wait for a bullish price action inside the green area. Shorter timeframes breakouts from bullish chart patterns, higher timeframes candlestick patterns and etc.
* - Around the marked area

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Regards,
Vaido
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