melvinljw
Long

Long XAU, Gold

OANDA:XAUUSD   Gold
42 0 0
Gold             has been on a uptrend since the early 2000s, due to excessive loose monetary policies by the world central banks. After each crisis, the solution was to do more of the same thing. Looser monetary policy, and we have even ventured into Quantitative Easing, negative interest rates. This to me is akin to giving a patient pain killers. I see a time of reckoning for the failures of the central banks. This will cause gold             to skyrocket in my opinion. (I believe it will hit another new all time high >1,900).

Trade Idea, Long Gold             , XAU , using simple fibo levels for support and resistance . (1,211-1,213 are good entries)
First Target : 1,562
2nd target : Open position > 1,900
SL : 1,168 ( Looking to re-enter long positions at 1,054 )
Looking to build on more positions if the bullish case plays out.
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