GOLD is in a Long Term Bull Run

OANDA:XAUUSD   Gold Spot / U.S. Dollar
GOLD chart as it appears is a classic case of Symmetrical Triangle Breakout Up. It has given a breakout in the month of June 2019 & as per expectations is trading upwards since then. The volume at breakout was not significant but is slowly picking up pace. Though a throwback upto $1300 in short term cannot be ruled as the RSI & Stochastic have entered overbought zone & can cool off the prices in coming months but the long term bullish outlook will remain intact. In fact it will be a buying opportunity for those who have missed this bull run after breakout.

Expected Target in Long Term

The Expected Target in Long Term is 1239.42 (1921.07 - 681.65 (Base Distance)) + 1322 (Breakout Level) = $2561

(Note - This is a Long Term target & will take several months to achieve as we are studying monthly chart)

In Symmetrical triangle breakout a Stop Loss is generally kept below the breakout point but as we are dealing in a long term view & thus I recommend a protective stop loss below the cradle point.Thus stop loss should be below $1240.
Trade active: RSI has given a Negative Diversion in Daily chart. A short term bearish movement cannot be ruled out. Soon we should see the throwback that we have discussed earlier. Traders can sell Gold for short term trading.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out