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XAUUSD - Can we enter in a trade ?Okay, so gold has been confined in the triangle for almost 1 month. It constantly made lower highs and higher lows!!! And 1670-1685 region holds some strong support as price tested this region so many times but always made recovery from there. Also, 1610-1615 region is tested too many times also. It is clear that if this triangle breaks above then first resistance will be provided at 1720 and it's also possible that market may remain stable at this point for sometime before breaking above or lower. Also, we are stuck in the 1740-1670 range too. So, if 1720 breaks and 1740 breaks too then we may see a movement of about 40-50 USD upward and if prices breaches 1670 then we may see 40-50 USD movement downwards. However, we are still more biased towards upward breakout because GOLD is still in bullish territory a little stretched upward but as I said earlier " GOLD is HIGHLY BULLISH!!!!". But we will not get into any swing trade till we get a breakout. Also, there may be a breakout upward and prices may hover at 1720 for sometime. If, prices breaks above 1720 and gets stable then only we can go long because 1720 is strong resistance too. Till, then we will KEEP CALM AND TRADE OTHER CURRENCIES... :) If you like this analysis then drop a like and comment what do you think about gold? FOLLOW ME FOR MORE UPDATES ON XAUUSD :)
FX_IDC:XAUUSD
by ng_forex
XAUUSD IDEAOkay, so, last week we have seen a beautiful rebound from 1671 levels which will be acting as strong support. On the other hand, gains are still capped till 1740 as this level is tested approximately 4 times in the daily chart. So, it is clearly showing strong resistance at 1740. If this level breaks, bulls will face immediate resistance at 1667, but it may get cleared easily if 1740 is broken and 1800 levels may be seen soon. Still, there is a strong confluence of indicators at 1707. So, if 1707 breaks easily, then it will be a great long opportunity as then 1740 level may test once again. WHICH WILL BE A GREAT OPPORTUNITY FOR US. WE ARE STILL BULLISH ON GOLD. SO, IF YOU DON'T WANT TO TAKE LONG POSITION THEN MUST NOT TAKE SHORT ALSO, BECAUSE IT'S STILL HIGHLY HIGHLY BULLISH!!!! EITHER GO LONG OR BE NEUTRAL TILL 1740 BREAKS. FOR LONGTERM TRADERS, JUST BUY AND TAKE PROFIT AT 1800. THIS MONTH, GOLD MAY REACH THIS TARGET.
FX_IDC:XAUUSDLong
by ng_forex
BUY XAUUSDAs we can see that at the beginning of this week XAUUSD was going down but it clearly got a strong support at 1700 level and we are getting this short triangle nearly ending and its showing upward potential, and if this happens as we thought then after breaking and stabilizing above 1740 levels will give a bull run towards 1800 levels. So, it's a great buying opportunity for long term traders with almost 100 USD to bag. It's a great opportunity, so go for it!!! BUY IT NOW!!!!! FOR GREAT SWING. :)
FX_IDC:XAUUSDLong
by ng_forex
XAUUSD What's happening?After Friday's doji prices are falling but got a good support at 1705. Prices may take a downway to 1678 approx. which holds a strong support, if broke this then we may be seeing 1640 levels or may be all the way back to 1600 AGAIN!!!! but this have low chances due to the bullish pattern. So, 1670-1680 will be a good place to buy gold again with a target of 1740. AND IF WE SEE A BULLISH CANDLE TODAY OR IN THIS WEEK WITH 1706 SUPPORT HOLDING. THEN THERE ARE HIGH CHANCES THAT IT WILL BE THE REVERSAL AND END OF THIS SHORT TERM BEARISH TREND. THEN ALSO 1740 TARGET WILL HOLD AND BREAKING OF 1740 WILL LEAD TO 1760 (THIS WILL HAPPEN SOON OR LATER!). FInally, stay in buy for gold for now if have any open positions let then running, It will move up definitely within a week or two or maybe this weeks end (most probably from Thursday if today's closing come below 1713). SO, be neutral in gold now. (DAY PERSPECTIVE) AND MACD GIVING SELL SIGNAL SO CAN TAKE A SHORT SELL FOR 1670 TARGET
FX_IDC:XAUUSD
by ng_forex