YGForex

GOLD Currently at Strong Support Level...Possible REJECTION!!!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Just take a look at gold price. Gold price have been on a overall uptrend currently at the trend support level which gold rejected off this level several time (Bold Line).
So what should we do when gold is on a yet to be broken uptrend????
Keep in mind when we trade we should be looking at ways to increase the odds of our trades. As we can see we are on a long term uptrend and opening long position will be a safer option. Having said that, we can definitely open short position to scalp gold . However, I will not recommend that.

So when can we sell gold safely???
After we see a nice breakthrough off this support level or a breakthrough followed by a retest to the broken level, we can sell gold safely. As long as we are within this trend support and resistance level, it will not be wise to sell gold .

What should we do now?
When we trade, we have to adapt to market movement. For instance, if we are able to see a breakthrough, we have to adapt to this movement and open a short position for it. However, as of now I will be opening a LONG position as I believe gold will rebound this trend support level once again. Also nice to see the price level currently at the middle band which could also be able to show us a rebound off this level for a BULLISH movement.

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