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Buy XAUUSD at CMP (1200)
Gold looks ripe for a breakout of the asscending triangle. Will be entering on the breakout.
Pattern Targets around 1322.5-1323 levels, but I would be closing off the trade at around 1315 levels which is a strong horizontal resistance. The pattern targets can be considered as 2nd profit taking levels by moving stops to cost.
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 ...
we can long here for target -1331 and 1349 and stop 1265 ,after complete pattern then again buy at 1228 -1230 levels
Buy Gold (XAUUSD) above $1300
Ultra conservative traders can enter above $1317. Don't miss the "golden" opportunity of multi yr breakout!
T4: $1450 (for aggressive traders only)
T5: $1500 (for Bappi Lahiri and Dubai Sheiks only)
gold has hit the trend line finding support for the third time will this support end the downtrend
here is my outlook for gold
there is good support by the trend-line and as well as 50% fibo (1210.07)
on the uptrend targets 1249.25 and 1275.06
alternate scenario if market breaks lower of the trend line and fibo 50% , expected of a breaking down with targets ...
1282 till 25 april 2017