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
Bullish over 1502 with 1507 and 1511 as price target Bearish below 1494 with 1487 and 1482 as price target
SPOT GOLD IN SELL ZONE BUY ONLY TRADE ABOVE 1421.25 FOR THE TAREGET 1427 AND 1432 ELSE SELL ON EVERY RISE FOR THE TARGET 1409 AND 1403
SPOT GOLD TRADE IN SELL ZONE, BUY ONLY TRADE ABOVE 1400 FOR THE TARGET 1408 AND 1416 ELSE SELL ON EVERY RISE FOR THE TARGET 1385 AND 1378
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