spesfinancial

Wait for price action signal on Gold

FX:XAUUSD   Gold / U.S. Dollar
86 0 1
Gold             is going to a very significant zone in the following week. We can see there are horizontal support, upwards trendline support, 38.2% fib retracement (from low at 1200) and 50% fib retracement (from low at 1250) just below current price. It is highly likely that a price action signal may appear in next week to indicate trading directions.

In my personal opinion, from the side of moving average, it is more likely to complete a bullish candle around here, which supports long bias in the future. However, if a bearish candle could be completed below 1300, the price may keep dropping for a while.
Comment:
snapshot


Finally we have a strong bullish candle coming. It's time for us trend traders to look for long entries.
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