vj20_fx

LONG GOLD OPPORTUNITY

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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2
Gold has formed an uptrend since the start of 2017 and I am now simply looking to follow the trend. Gold has been utilising my support and resistant zones lately only breaking out to form the Higher High. The last Lower High formed in the support zone and has now moved quickly to the upside. Last week we had a strong consolidation where Gold was struggling to break through my resistance. Friday last week we had a strong bullish engulfing candlestick that finally broke through the strong resistance. I am now looking to take a mid-term long position expecting price to then form another higher high. However, for safety, I have placed TP at the last higher high which also rejected a very strong resistance by the pip. My first target however is the touch of the long term downtrend that could possibly still be active. This analysis is purely based on technicals however I will be checking USD fundamentals on a daily basis.

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