faiz16
Long

Perfect time to buy GOLD!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
As per my analysis back in Dec 2016, Gold was hovering at strong support that dates back all the way to 2006.
It has again reached that very same support and there's a high probability of an uptrend from here onwards towards a target of 1350 for now.
RSI was not as heavily oversold in Dec 2016 as it is now.

Please refer to my previous chart:


Please ensure to use your analysis further and perform risk assessment accordingly. However I believe strong uptrend is around the corner!

Good luck and stay safe!
Comment: Looks like an uptrend has just begun despite trying hard to break through the support!
Comment: Well it broke all the previous supports and right now at a good position to buy as it strongly rebounded off 1160 level and few good pips to be made on the way up.
Thank you for your analysis. In our opinion break-out points are needed now to determine if the trend will continue or give a small rebound (always to short). If 1,175 breaks then we will see 1,150. If 1,208 breaks then we will see 1,222. Anything in between is a no man's land:

+1 Reply
faiz16 InvestingScope
@InvestingScope, spot on! Lets see how the pattern comes along from here. Its close to 1175 now.
Reply
faiz16 Ronnie_Dong
@Ronnie_Dong, Thank you for your view. Lets see if it holds the support around 1175. It probably will retrace back towards 1205.
Reply
@faiz16, I think what you said makes sense
Reply
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