FX:XAUUSD   Gold Spot / U.S. Dollar
Finally Gold has started to move in that bullish move that we have been expecting for a while , support lies at 1182 and target zone is at 1250.
The overall pattern is looking to be double zigzag .The wave count in Euro and US Dollar index DXY is also supporting this, US Dollar is about to finish last leg of bearish correction , hence GBP, CAD , EUR , AUS and Gold shall be traded as a bullish move.
Hope this helps .
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THANKS
ELLIOTTWAVEGREEN

Comments

There may be bullish potential on XAUUSD. Currently, price is approaching its support at 1194, below your point of entry. Stochastic is approaching its support at 4.5% where a potential bounce could occur. If a potential bounce does happen, it could potentially bounce to its resistance at 1201, with a 50% Fibonacci retracement. We would like to hear what you think about our idea.



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Nice idea on XAUUSD and there may be potential gains as you have identified by going long. Our first support is at 1193.85, which is just below your entry level. It is a horizontal overlap support with 50% & 61.8% Fibonacci retracement and 61.8% & 100% Fibonacci extension. Stochastic is approaching support we might see a corresponding bounce in price off this level. If a potential bounce does occur, we may want to take a closer look at 1200.25 resistance level which is a horizontal swing high resistance, with a 50% Fibonacci retracement. Excited to see how things develop. 

Please take a look at our idea and share with us what you think. 


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