tyross
Long

Gold - XAUUSD - RALLY - 1600?

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Low to high shows gold currently sitting on the 61.8% golden fib ratio with additional support at 1450.

I entered a long order at 1448.7 for the following reasons.

- commodity channel index oversold then crossed upward
- stochastic moving upward
- fib golden zone 50 - 61.8%
- uptrend has been established
- 1450 whole number level
- 1450 as a major support level for DAILY, WEEKLY, MONTHLY

Now it's down to monitoring the upward move ideally if US data is negative and poor news comes between US - China relations - gold will RALLY.

My short term target is 1500 - 1520... a break above this 1550 highs... then a further break will target Fibonacci extension targets 1600 - 1650

The way golds moves a buy now and hold could take a few weeks - month. LETS AWAIT.

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