RSI trending upward and price action above 200 EMA. Price is also at a critical junction (bottom end of 2 standard deviation linear regression).
On this basis there is more upside potential than downside and I've entered a long position at 1279.
Expect a price rise to resistance of 1293 with expectation to price rise of 1300+ in mid term.
Guys here is my analysis for intra-day trade. Short XAUUSD from 1211.
TP 1 - 1202.3 (31.85% fib retrace)
TP 2 - 1193.9 (61.8% fib retrace)
We have completed a 1,2,3,4,5 elliot wave, and I believe entered into the first "A" downward run. We are also at the top end of the 2 stdandard deviation linear regression.
200 EMA is sloping upward and price action above...
I have just shorted XAUUSD at 1195.1.
TP at 1186.5 which is coincident with a 1.618 fib extension and in line with longer term trend.
RSI is sloping in bearish manner and below the EMA applied to the RSI.
Price action is above the 50 EMA however seems to have bounced off the 200 EMA to continue longer-term downward trend.
SL set at 1196.4 in case I'm wrong