KENJICHEN

0508-XAUUSD Analysis

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar

XAUUSD
Gold just breakout the resistance of downward trend line, its seem it may have chance to challenge 1294 level in US market.

Although it is a good sign to gold in Euro market, but one thing need to be assure is that gold should maintain the position above 1285 before US market open.

Therefore, consider long gold around at 1287 and target 1294. If once gold retrace below 1285 will be a bad sign to long position and may need to reconstruct the strategy.

Support: 1284 / 1287
Resistance: 1290 / 1294
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