Forexbluepeaks

Gold next possible move

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold is in recovery mode by the looks of it. Its trying to regain it previous momentum after correction, according to what i see is gold trying to test a strong resistance at 1868 once broken it will climb all the way upto 1890 in attempt to try another major resistance at 1900.80 (i call it trend changer). however if gold fails to break 1868 then it will be a big bounce back and gold can drop to a level near 1808. although 1839 is a strong support but we have seen its breached on friday.

i am more positive about bullish trend and i have my positions opened at 1851 with the target around 1867, further 1878 and final 1890. after that i will wait for 1900.80 to break. i will again open my buy positions at 1904 (Fibonacci 61%) with the target around 1927 (Fibonacci 78%).

Comments

great
+1 Reply
Good shout
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