Skids6101

Were you ready too?

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
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1
Just an update to my last chart. BO confirmed and on our way! Long trade been active since 1236 :-)

See StochRSI. Looks like we have much further to go to the upside; DXY is polar opposite. Much bigger move up due, but careful there will be a pull back by Monday.

Happy pips traders!
Comment: Ok looking forward. NFP tomorrow. The forecast is for lower than previous = good for gold. Expect volatility initially followed by a move up. Tgt-wise depending on todays close, I'd hazard a guess, only a guess at this stage, of a spike to 1250. BUT be safe, take profit, expect a move to the downside as end-of-week selling kicks in toward the end of the NY session. I'd expect tomorrow to close somewhere around the 1240-1245 area ready for next week. After the drop buy and hold. There's only one realistic direction now until the end of January; seasonal rally + Brexit chaos = good times for gold. With tomorrow closing within my predicted range, expect a dash to 1340-1360 by the end of Jan. I'll update in due course, however I don't anticipate the usual Feb - Jun decline in Gold price... reasoning to come in future chart publications ;-)

Happy profitable trading :-)
Comment: Looking at the PA I'm not convinced there will be any pull back. This doesn't feel like a usual rally, nothing else to go on here but a gut feeling. Long trade remaining open over the weekend. Final price could see 1400 in Jan perhaps.
Comment: On further consideration there's no way XAUUSD will drop all that much. FED delaying rate increases and the miserable Brexit vote on Tuesday is a recipe for gold to push higher. Indeed 1400 is not unrealistic for Jan. Safe trading.