PULEMokhothu
Long

XAUUSD 1810.04 +0.7% LONG IDEA * SUPPLY & DEMAND + FUNDAMENTALS

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Good Day Everyone

Here's a look at GOLD from a multiple time-frames perspective starting off from the monthly where we are still in a bullish rally of higher highs with some strong momentum to the upside currently trading just below FIBONACCI level 1.618 just above the $ 1800 mark

> scaling it down to the weekly we at the 5th consecutive high on GOLD trading in a pennant formation which could be signalling continuation to the upside.

> From the DAILY perspective GOLD broke out of the ascending channel currently ranging within a triangle structure but upon close of the market we saw the bulls coming back into play on the metal.

looking to see if we'll see the ascending structure hold and continuation patterns to the upside as the sentiment is widely bullish from fundamentals point of view but it seems we'll see a return of some VOLATILITY ON GOLD in this coming week.

SOME FACTORS TO NOTE ON GOLD

1. SUPPLY AND DEMAND

2. MORE STIMULUS

3. COVID - 19 even though GOLD is one of those that have thrived through this pandemic

4. WEAKER U.S DOLLAR

5. THE DIRECTION OF TREASURY YIELD

6. FLAT DEMANDS FOR HIGHER RISK ASSETS

7. DEVELOPMENT OF THE VACCINE FOR COVID - 19

Prices can still be range bound before we see more volatility coming into play which will be a good opportunity for the more aggressive traders on smaller time-frames but all in all still remain bullish on GOLD lets see how it goes...


Good luck and happy trading everyone


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ENTRY & SL - FOLLOW YOUR RULES ON PENDING ODER & SO FORTH
RISK-MANAGEMENT
PERIOD - SWING TRADE

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If you like the idea kindly leave a like and a follow will definitely follow back and leave your idea & Comment on the pair in the comment section.

Trade active: The move with the bulls is confirmed if you are in on this one adjust your SL to the FTR on the 4H chart and hold Risk free....
Trade closed: target reached

Comments

Nice idea!
+1 Reply
PULEMokhothu Phi-Deltalytics
@Phi-Deltalytics, Thank you so much @Phi-Deltalytics I appreciate it.
Reply
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