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Mkforbes_fx

GOLD BUY Continuation of Trend

Long
Gold Spot / U.S. Dollar (FX_IDC:XAUUSD)  
Mkforbes_fx  
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Trend Analysis Chart Patterns Technical Indicators Gold Technical Analysis XAUUSD LONG Bullish Patterns buysetup buysignal
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trendanalysis chartpattern indicator gold technicalanalysis xauusd long bullish buysetup buysignal
As we all know, GOLD (XAUUSD) has been in a very strong uptrend from lows at around 1450, reaching highs of 1738 and 1764. Following an aggressive sell off yesterday by the bears, we can anticipate that price is just looking for a better opportunity to continue the uptrend for the long term. Also, price has continued to stay strongly above the 200 moving average exponential indicator, indicating that price is going to continue the trend. I would set up a buy order for this trade with a Stop Loss at 1722.00 and Take profits at 1764.00. A sweet 420 pips with a risk of 120 pips. This is a trade set up with a 1:3 Risk to Reward Ratio.

Entry: 1734.21
SL: 1722.00
TP: 1764.00
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