olly48

Good time to buy Gold

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
I believe Gold is setting up nicely for a big rise. We can see it has been testing levels and making some nice supports for the rise. Since it reached All Time Highs in August it has retraced exactly to 0.5 Fibonacci then rose and has now retraced and tested the 0.382 Fibonacci level where it has found support again. If this support holds expect it to move to the next level at 0.236 Fib and then continue to rise and test the All Time High again. This is a fairly safe time to enter a Long, set Stop Loss beneath the most recent low on the 18th January. My Take Profit is a long term target of 2325

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