Looking at the key levels within the gold
chart, 1304.000, where the price is currently at and forming a bullish pin bar
, along with the MA and EMA
crossing and gold
having rejected the previous key support of the 1295.000 level. Those areas of confluence all align to signal a bullish
move. We have bullish
rejection from the previous key support level
, MA and EMA
crossing, and a bullish pin bar
forming at the next key level of resistance showing signs of a bullish
push at the resistance. Finally Gold
is making higher higher and higher lows... An obvious uptrend and remember, trend is your friend. Buying a breakout from a resistance zone
in an uptrend with numerous levels of confluence cannot be one of your poorer trading decisions or at least I hope not.
I will be awaiting a break out of the 1304.000 level before buying and the first take profit target will be 1310.000 and the next will be 1322.000 levels. I believe gold
has a longer term upside potential of 1340.000, a weekly resistance.
Let me know if you have any comments, suggestions or idea's. Please feel free to look at the XAUUSD
chart and look at the key levels I have highlighted within my analysis to see exactly why I have highlighted them.