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.
If price hold Red zone we can see price may push to higher.Because of 50%fib rejection also this may be new H.H.Still we need confirmation for TL break.
Now price is approaching my Critical keylevel resistance.Simply looking for price to play.No fantasy 'Plan your trade, Trade your plan'.Keep your analysis as simple.
1280-1300 is a strong support zone. Tested and bounced with geopolitical news continuing. Also, channel breakout seen on charts. Can go long for retest of 1450 levels or above.
After breaking the trendline Gold is moving in a bear flag, potential break to the downside will bring 3000 to the question and tomorrow's positive move from Fed will break this level to erase all the gain from last weeks.
Price action is nearing its long term support and it will bounce from there. 1300 is the support. After getting support if price made double top at 1360, it will be range bound between 1300 - 1360.
Gold (XAUUSD) has formed a megaphone top on hourly chart. We will take decision based on the price action which is going to unfold.
Keep watching this space for more updates of targets and SL
Gold close with shooting star @ Rising
channel resistance With momentum
oscillators in overbought zones price
may see consolidation before next leg up
Going forward if price breaks below 1340
profit booking will come upto 1325-1300
from where buying is again likely to resume
with 23.6% & 38.2% retracement coming
@ 1320 & 1300
Gold has formed a Right-Angled and Descending Broadening Formation on hourly chart.
Short at CMP ($1336.5)
Target: $1325
SL: $1340.1
WE WILL LOOK FORWARD TO GO LONG ON THE 3rd TOUCH AT THE BOTTOM OF THE PATTERN.
Keep watching the space
Gold gave a big breakout above 1305$.Parabolic SAR on Monthly charts has given has given indication of the same. CMP 1316$ Stoploss 1298 Target 1375$/1415$
The right shoulder which the whole world must be watching will be completed in the 1375 area... Once we reach there consolidate and IF move up from there, then a iH&S target for 1700+ opens up!
