XAU/USD BUY - TARGET $1612/OZ
POTENTIAL TRADE : XAU/USD
As shown in the chart, Gold has recently printed an impulsive move to the upside. Over 29 days, it slid up approximately 154$ from the 11450/OZ region to 1612/oz. As seen in the chart, there were very few pullbacks and the move to the upside was rather explosive and showed very little signs of weakness.
We then got a correction in the form of a flag. The consolidation we experienced was between the lows of 11535/OZ and highs of 1570/oz. We do expect Gold to continue rising as we have now broken above the consolidation region. We expect Gold to push back up to the 11612/OZ region over the next couple of weeks.
Long entries can be considered at 11570/OZ with stops place below 11547/OZ with a $21 risk. Targets can extend up til previous resistance zone and the impulse exhaustion price at 11612/OZ giving us a potential gain of $43.
As shown in the chart, Gold has recently printed an impulsive move to the upside. Over 29 days, it slid up approximately 154$ from the 11450/OZ region to 1612/oz. As seen in the chart, there were very few pullbacks and the move to the upside was rather explosive and showed very little signs of weakness.
We then got a correction in the form of a flag. The consolidation we experienced was between the lows of 11535/OZ and highs of 1570/oz. We do expect Gold to continue rising as we have now broken above the consolidation region. We expect Gold to push back up to the 11612/OZ region over the next couple of weeks.
Long entries can be considered at 11570/OZ with stops place below 11547/OZ with a $21 risk. Targets can extend up til previous resistance zone and the impulse exhaustion price at 11612/OZ giving us a potential gain of $43.
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