Long XAU/USD on continued risk off sentiment and NIRP enviroment

FX:XAUUSD   Gold Spot / U.S. Dollar
119 0 3
If the current risk on environment subsides and we see continued deleveraging of equity markets we expect Gold             to continue higher. Golds demand is increasing in a negative interest rate environment. Gold             used to be a hedge against inflation , now it is a store of value in a negative interest rate environment.

We will trade the breakout of the Bullish pennant to the upside with a target at the 100% extension of the first impulse move at $1400. This target is at the 2013 highs. This is a longer term trade. Will trade out if price falls below $1210.00.
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