XAU/USD - Bullish Cypher & Bearish 5-0

During last weeks YouTube video I called out my three biggest opportunities to kick start 2017, XAU/USD was on the list and it is carrying huge potential.

Once price completes the bearish 5-0 pattern at the D point around $1248 I'll be selling.

Stop loss: $1281
Take profit: $1121

HUGE opportunity with an amazing risk to reward of 1:4!

Comment:

Price is closing in on the D point at $1248, I'll be looking to enter once we reach this major level of resistance.

Comment:

Pay close attention for a solid reversal over the next week.

We will either see a reversal at $1248 on the major resistance level and D point.

OR

Upon a touch of the weekly trendline at $1270.

Comment:

First take profit level has now been hit, move your stop loss into profit.

Second take profit level is $1180.