Wave-Trader
Long

XAUUSD Watch bottom for long again

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hi there,

If you are buying gold on our setups from 1160 then you must have a good profit until now on GOLD . This is another continuation setup on gold for more upside.


Lets come to the point.


How you can trade on this chart.


1. Repeat the same which you have done on the last setup. Watch bottom for long.


Or


2. Look for buy on strong breakout.


Note. Gold has extend a lot and about to hit the weekly top. So any trade you take from bottom consider reasonable risk first and then trade. Because it can turn into daily correction if so we will look for that daily correction and will look for one more bullish wave.


This setup will be invalidated if the trend is going to breakdown sharply. But before going short on Gold we will consider correction for downside.


Good Luck.
Good idea. Almost 400 points of profit
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Nice chart! I believe we will see a drop to $1000 first before further upside.
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@Wave-Trader I think XAUUSD is in a Flat structure, with a Running Contracting Triangle finalized in the Minuette (b) (orange). This means that one more small impulse until 1297 and then the up-trend should resume until 1340 at least.

Do you agree with my chart?
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I think so that Gold will move Up

Best places to open buy entry:
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Oh yeah, XAUUSD gonna catch the flight!
Reply
You are good
+1 Reply
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