PULEMokhothu
Long

XAUUSD 1769.13 -0.08 % LONG IDEA

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

Here's a long idea on the GOLD provided the metal holds the ascending channel we are currently trading in.

some fundamentals from DAILY FX - link attached

GOLD PRICES LONG-TERM: STILL OVERBOUGHT
Taking a step back to get some context and Gold prices remain in an overbought state on the monthly chart, largely owed the prolonged up-trend that’s helped to propel prices into this area on the chart. As discussed previously, the 1742.50 level was big, as this is the 14.4% Fibonacci retracement of the post-Financial Collapse move and, for two months, helped to set resistance in Gold . The notable exception during that two-month-range was the high set in mid-May, when Gold prices quickly broke out after the weekly open.

But, as looked previously, that bullish drive was largely emanating from an interview that FOMC Chair Jerome Powell had on the US television program 60 Minutes, in which he said that there was ‘no limit’ to what the Fed could do with the liquidity programs available to them. This breakout-fake out scenario is shown in Green on the below chart, as price action merely reverted right back into the range.

GOLD EIGHT-HOUR PRICE CHART

https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/07/01/Gold-Price-Outlook-JS-Gold-Breakout-to-Fresh-Highs-Begins-to-Pull-Back.html



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ENTRY & SL KINDLY FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - DAY TRADE
TARGETS - MARKED

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Trade closed: target reached

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