FOREX: TECHNICAL ANALYSIS ON GOLD FORECAST(XAUUSD)
GOLD
ITS ABOUT TIME TO GO LONG ON GOLD AGAIN FOR ANOTHER 10,000PIPS
HOWEVER I'M WATCHING CLOSELY FOR THE US-CHINA TENSION, ALTHOUGH IT HAS EASED OF A LITTLE BUT THE WEEK JUST BEGUN
WE SHOULD SEE A LOT OF MONEY PUMPED IN GOLD AS INVESTORS KEEP LOOKING FOR SAFE HEAVENS IN TIMES OF FEAR.
FROM A TECHNICAL VIEW POINT WE CAN SEE PRICE CURRENTLY BELOW THE 20% STOCHASTIC SHOWING A HIGH LEVEL OF OVERSOLD, THE BEARS HAVE BEEN FULLY EXHAUSTED AND AS WELL PRICE MOVEMENT APPROACHING THE 50% FIBO WHICH HAPPENS TO BE A VERY STRONG FIBO LEVEL.
TIPS: FOR LONG TERM ENTRIES BETWEEN 1255 - 1250 IS VERY GOOD
HOWEVER I BELIEVE THE BEARS WILL STILL DRAG THE PRICE DOWN BELOW TO 1250 AND POSSIBLY 1245.
I PERSONALLY AM PLACING MY ENTRIES AT THE 1250 AND THE 1245 PRICE LEVEL
BEST TO PLACE AN ALERT BELOW THE 1255 LEVEL SO YOU GET NOTIFIED AND THEN DECIDE PROPERLY BEFORE ENTERING
MY GOLD TRADE SETUP
LONG TERM BUY
XAU-USD
TREND SUPPORT ENTRY: 1255
PREVIOUS SUPPORT ENTRY: 1245
TP 1: 1300
TP 2: 1320
TP 3:1350
SL: 1230
NOTE: THIS IS A LONG TERM TRADE, IF YOU HAVE A SMALL ACCOUNT DONT ENTER AND MINIMIZE YOUR RISK MANAGEMENT
DISCLAIMER: this article is only intended for educational purpose, do not take it as a basis for your investment ensure to do your own analysis before taking any trade.
WHAT IS YOUR VIEW OF THE MARKET???
Do feel free to send me any pair you want me to analyse below in the comment
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