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XAUUSD 1729.61 +0.63% POSSIBLE LONG IDEA

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
GOOD DAY TRADERS

HERE'S A LONG IDEA ON GOLD WHICH PLUMMETED DOWN TO RETEST THE DESCENDING CHANNEL , LOOKING FOR CONTINUATION TO THE UPSIDE FOR THE REMAINDER OF THE WEEK.
> THIS PRICE RALLY MAY RESUME AS WE HAVE RETESTED THE STRUCTURE .

> DAILYFX - On May 26, XAU/USD rebounded then closed above the uptrend line originated from the April 21 low at $1,660 reflecting that bulls were still in charge. On Friday, the price violated the downtrend line originated from the May 18 high at $1,765 and generated a bullish signal.

Therefore, a break above the aforementioned above May 18 high could trigger a rally towards $1,796. In turn, any break in the other direction i.e. below $1,712 could send XAU/USD for a test of the last-week low at $1,694.

That said, the daily and weekly resistance/support marked on the four-hour chart should be kept in focus.

https://www.dailyfx.com/forex/technical/...

LOOKING FOR LONG ENTRIES ON GOLD
RISK-MANAGEMENT
FOLLOW YOUR ENTRY RULES
PERIOD - SWING TRADE
Trade closed: stop reached

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