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Gold finally broke the trading range it had been into from many weeks on the downside as it slid past $1300 comfortably and posted a nearly $20 weekly loss. This kind of movement was getting over-due and a fatigue was kind of setting in when the price action was taken into account. Fundamentally the events did not favor the rising prices thus allowing it to breach ...
Long above the green line for a 5% upmove in gold.
Short below the red line for a 5% downmove similarly in gold.
Initiating long in gold cmp is approx 1326.4 ---the targets will be above 10334 and higher , plz read the prev post/idea on xau/usd and the points mentioned below
the trade setup is based on higher ti,eframe charts and thus is positional trade
it carries substantial risk
in this trade we are entering early based on certain triggers
The earlier mentioned ...
Short gold below 1330
Gold to remain bearish, long term target 850 - 900.
OANDA:XAUUSD Gold Trading @ small support area. No trade here. Watching price action in daily time frame. any rejection (Hammer candle etc) near $1265 may take gold up to $1300. $1265 & 1260 also marks Fibo+ Pivot point in weekly charts.
Gold has formed a Right-Angled and Descending Broadening Formation on hourly chart.
Short at CMP ($1336.5)
WE WILL LOOK FORWARD TO GO LONG ON THE 3rd TOUCH AT THE BOTTOM OF THE PATTERN.
Keep watching the space
Gold has been in downtrend since 29-8-2011 to 17-08-2017 approximately, Just to put things into context.
Now, Gold closed above the trend line @ $1288.52 on last Friday. If it sustains above $1300 with good volumes then the uptrend in gold can be confirmed.
There are also Fundamental reasons for gold to move up as as mounting tensions between the U.S. and North ...
The breaking of the level of 1240 suggested a down move till 1205/1210 levels based on retracements.
Now a fall below 1204 can open up target of 1185/90 on the downside. Upmoves will be corrective.