REVIEW OF GOLD:
MACD already told us the downward momentum is gone.
RSI is Overbought
All these telling me Gold is facing Daily Resistance.
I will look into a small time frame to find.
Any bearish pattern: Double Top, Pin Bar, Bearish Engulfing and short.
Trade with care and use good money management.
If you don't understand the setup please ignore the trade....
*Trend bias = up
* Good support @ 1280
* Bullish engulfing pattern completed and we have the wicks indicative of new lows being rejected
Going long @ market price 1285.53 with
Stop loss below the lows @ 1275.84 and provisionally targeting the 1296-1300 level
Don't bet the farm and always exercise good risk management.
XAUUSD is struggling for upside and pushing slowly for upside. Soon it will break down and will break down hard once it will break down then keep selling the XAUUSD all the way back to the bottom.
I'm looking for price to return to a short term support level around 1220.78
1. A buy signal would need to print like a hammer or bullish engulfing pattern in order for the setup to be valid
2. No congestion (if there is it means the bulls are battling and the support may fail
Note the support levels drawn with dotted lines.
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XAUUSD Buy Possibility Trade: This Pair is so annoying lol, Had it going up this week but current events just tipped the markets upside down. Overall, this pair suggests an up move and that is exactly what I am looking for. Looking For Buy Trade Setups and Entering As The Up Move Is Eminent. A Good SL Is Around 1298 Levels Good Luck!!
XAUUSD Buy Trade Idea: We are at a very interesting point with Gold, its setting up nicely for an upmove making a buy trade hard to resist. Be careful with your trades, you can have your TP around 1313.00 Levels.