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mhtong98

Gold Breakout On The Upside

Long
Oro / Dollaro (FX:XAUUSD)  
mhtong98 Aggiornato   
FX:XAUUSD   Oro / Dollaro
Fibonacci Trend Lines Support and Resistance elliottwaveprojection correction correctionwave Fibonacci Retracement breakout breakouttrading
3
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fibonacci trendline supportandresistance elliottwaveprojection correction correctionwave fibonacciretracement breakout breakouttrading
XAU/USD has been trading downwards since April which gives us a potential set-up to long XAU/USD

Long-term downside trend-line has been formed which gives us a chance to buy the breakout.

Current long term outlook on XAU/USD
  • is Bullish.

    Also, with China seeking WTO's permission to impose sanctions of US$7 Billion, this might affect prices of XAU/USD
    as XAU and USD have an inverse relationship, sanctions could further support the upside breakout of XAU

    Target: 1258.45
    Resistance: 1235.42 (61.8% Retracement)
    Support: 1210.05, 1208.30 (Heavy Trading at this price range)
Commento:
Gold Has currently broken the bearish trendline,

Look out for the retracement back to contest the trendline to buy back in
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