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Dorr9011

Gold (XAUUSD) At Its Reversal Zone!!! (3 Confirmations)

Long
Gold Spot / U.S. Dollar (OANDA:XAUUSD)  
Dorr9011 Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Trend Analysis Fundamental Analysis Flag
57
25
trendanalysis fundamental flagpattern
Currently Gold (XAUUSD) seems to be at the bottom of a bearish flag on the higher timeframes (W, D, 4H). It has confluence with weekly support(1683.260) that could possibly now act as resistance. It also is at the "golden zone" for a fib retracement. If we see a rejection of the 1690/1700 area we could possibly see a large bearish move.
Comment:
Gold (XAUUSD) is currently having hourly rejection off of the predicted trend line. We are approaching the 50EMA of 1/4H charts which will act as a dynamic resistance that will hopefully turn into support. If the 1H travels above both the 50/200 EMAs and they then turn into support, I will enter a long swing buy. Will update with TP1, TP2, TP3 as well as stop loss upon entering the trade. Thanks all!
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