hishamsheikh
Long

XAUUSD LONG SETUP 27/01/2020

FX:XAUUSD   Gold Spot / U.S. Dollar
Personally will not be shorting due to volatility of market but will wait for buy opportunity
Just an idea

Buy @ 1559-63

Target 1597

Technicals:
-Trend-line has held support on numerous occasions and also strong support at 1550 followed by 50 day moving average. ( wait for price to retest the trend-line)
- Monday / Tuesday usually have counter flow followed by end of month Profit taking and lack of Asian buying during Chinese bank holiday this is what will initially drive price down
- Gold has been trending up at a good pace followed by consolidation each time. This works brilliantly for the price action in the long run.

Fundamentals:
- Corona-virus fears
- Post Brexit uncertainty
- Iran US tensions(taking a backstage but still there)
- interests rates still very low and Central banks continue to ease
- Hedge funds and MM Net long positions still at all time highs for both Gold and Silver

Lots of reasons to Go up!

Comments

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