Get started
mhtong98

Gold Breakout On The Upside

Long
Gold Spot / U.S. Dollar (FX:XAUUSD)  
mhtong98 Updated   
FX:XAUUSD   Gold Spot / U.S. Dollar
Fibonacci Trend Lines Support and Resistance elliottwaveprojection correction correctionwave Fibonacci Retracement breakout breakouttrading
3
0
fibonacci trendline supportandresistance elliottwaveprojection correction correctionwave fibonacciretracement breakout breakouttrading
XAU/USD has been trading downwards since April which gives us a potential set-up to long XAU/USD

Long-term downside trend-line has been formed which gives us a chance to buy the breakout.

Current long term outlook on XAU/USD
  • is Bullish.

    Also, with China seeking WTO's permission to impose sanctions of US$7 Billion, this might affect prices of XAU/USD
    as XAU and USD have an inverse relationship, sanctions could further support the upside breakout of XAU

    Target: 1258.45
    Resistance: 1235.42 (61.8% Retracement)
    Support: 1210.05, 1208.30 (Heavy Trading at this price range)
Comment:
Gold Has currently broken the bearish trendline,

Look out for the retracement back to contest the trendline to buy back in
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.