KH2_Artizan

XAUUSD: The road to better long opportunities??

PEPPERSTONE:XAUUSD   Gold Spot / U.S. Dollar
After finally breaking and closing below a key support area (and rising trend line) today, Gold seems to be on its way to making some type of corrective move. The instrument has been trading inside of a long-term channel dating back to June of 2020. Price has recently tested and rejected channel resistance along with breaking out of its daily rising channel. Personally, I do think Gold will continue to rise in the long-term, but for the moment I wouldn't mind trading it to the downside if given the opportunity. There are clearly defined levels that I would love to take advantage of in both directions. I've always found this instrument interesting when it comes to daily swing positions.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.