Gold - Bull Cycle

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Good morning ladies & gents .

We are officially in another bullish cycle for Gold , so the favourable direction to trade it in is LONG.

Price created an extremely bullish structure offering us two key areas to look for longs on.

This bullish structure is created through a break of bearish market structure on the D1, H4, H1 timeframes. Today its 15th February (Monday) and price came back nicely to retest an M30 Bullish Orderblock after a LTF BMS structure has been created. This yields a high probability long position.

I'll be scaling out of the position as price approaches TP, but I anticipate that price will climb back up to the monthly highs created in 2020 over the course of the next few weeks/months.

Targets: 1838.70 --> 1875 --> 1947 --> 2060

I'll be providing regular updates on Gold . Stay tuned.

Disclaimer: This is purely for educational purposes and not offered as trading advice. Trade at your own risk and remember to always manage your risk appropriately. I'd recommend anything between 0.5-3% maximum.
Trade active: Price dropped to our second buy zone which offers an even higher probability long position! Pending order triggered yesterday, let's see how price plays out!!


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