Quadricolor
Long

A simple Daily Long Gold / XAUUSD trade based on support levels.

FX:XAUUSD   Gold Spot / U.S. Dollar
This trade is based around the major support level at 1214. Simply, if the level holds we can expect price to have major bullish support on the long term. If the resistance level breaks, we can see major bearish levels coming in. I will publish a Short trade opportunity linked to this one if the key level breaks.

We can place an order to buy at 1220 (or just buy at the price now) with a Stop loss at 1211 below the support level of 1214. Splitting the trade into two, the first take profit at previous resistance of 1295 and the second take profit at 1350. The risk reward ratio is around 8.5:1.

If the price passes the support of 1214, we look to place the short trade version of this trade.
Jul 07
Trade closed: stop reached: The Stop loss was activated and we go short. See for the short gold version.
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