POTENTIAL TRADE : XAU/USD
As shown in the chart, Gold has recently printed an impulsive move to the upside. Over 29 days, it slid up approximately 154$ from the $1450/oz region to $1612/oz. As seen in the chart, there were very few pullbacks and the move to the upside was rather explosive and showed very little signs of weakness.
We then got a correction in the form of a flag. The consolidation we experienced was between the lows of $1535/oz and highs of $1570/oz. We do expect Gold to continue rising as we have now broken above the consolidation region. We expect Gold to push back up to the $1612/oz region over the next couple of weeks.
Long entries can be considered at $1570/oz with stops place below $1547/oz with a $21 risk. Targets can extend up til previous resistance zone and the impulse exhaustion price at $1612/oz giving us a potential gain of $43.
As shown in the chart, Gold has recently printed an impulsive move to the upside. Over 29 days, it slid up approximately 154$ from the $1450/oz region to $1612/oz. As seen in the chart, there were very few pullbacks and the move to the upside was rather explosive and showed very little signs of weakness.
We then got a correction in the form of a flag. The consolidation we experienced was between the lows of $1535/oz and highs of $1570/oz. We do expect Gold to continue rising as we have now broken above the consolidation region. We expect Gold to push back up to the $1612/oz region over the next couple of weeks.
Long entries can be considered at $1570/oz with stops place below $1547/oz with a $21 risk. Targets can extend up til previous resistance zone and the impulse exhaustion price at $1612/oz giving us a potential gain of $43.