FOREXCOM:XAUUSD *Trend bias = up * Good support @ 1280 * Bullish engulfing pattern completed and we have the wicks indicative of new lows being rejected Going long @ market price 1285.53 with Stop loss below the lows @ 1275.84 and provisionally targeting the 1296-1300 level Don't bet the farm and always exercise good risk management.
This is my potential Long setup on gold. this is a 1 to 1 setup once the trade is close to 100 pips up will I then move SL to breakeven. I do see gold potentially reaching 1300 but that will take some time, for now 1275 is my target 1.
Is it possible that gold can't break next resistance? Good Luck
Dynamic trading has an ability to spot whether the resistance that was strong before is the same now. What was strong today may not be strong tomorrow! The trick is to dig it out and read it properly. That being said 1282 was strong, but it may become weak today. Because 11/3 becomes 2 - 12/3 becomes 4 - 12/7 becomes 9. Such inverted combination indicates that...
Sell below 1250.00. Stop loss at 1310.00. Take profit at 1125.00. Reason for the trading strategy: We remain bearish below 1250 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to 1125 support (swing low support, Fibonacci extension, Fibonacci retracement). RSI (34) has made a bullish exit and warns off a...