Spot gold is currently trading in upper sloping channel.
Also there is very important trendline resistance at $1847 which also coincides with 61.8 retracement.
Hence spot Gold can be extremely bullish on a break of $1847
Its highly expected Spot Gold ( OANDA:XAUUSD ) to go further down. We can trade this as normal with 1:3. GOOD LUCK. Always maintain your risk as Shorting Gold is always kinda a risk.
It has been observed that an inverse Head & Shoulder pattern has emerged on the Spot Gold hourly chart with a retrace back to the neckline which has held well.
Long Entry : 1219.63
Target : 1258
Stop : 1198.92
A little late in posting this one, but nevertheless, a Bullish Cypher Pattern has emerged on the XAUUSD 1 hour chart.
A long can be initiated if the price retraces back to 1185.73 or can be longed at current market price if your R:R Allows for it.
Target: 1198.57
Stop 1175.86
