XAUUSD - Trade Idea

XAUUSD has a potential to form a bullish triangle which is a continuation signal. However it needs to retouch first the support area at 1390 before any further rise.

How to trade XAUUSD:
Sell and target 1390. Once the price reaches our buy zone and we get a rejection, we buy and target 1440. Or, just wait for the price to reach the PRZ (price rejection zone/buy zone) and open a trade targeting 1440.

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Comment:

Price did not get to our buy zone and shoot up on weak US housing data. We now look to sell gold at the 143x area for a potential profit of 300-400 pips.

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