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XAU/USD Potential Upward Movement

XAU/USD Long-Term Trend: Bullish

Key Resistance Levels: 1783.816, 1806.802, 1807.00.

Key Support Levels: 1755.573, 1726.08, 1721.380.

Daily Chart:

The price on the higher time frame found support around the 1755.573 USD mark where huge wicks to the downside has been left showing that the buyers are in clear control of the market. The market also succeeded to break the trend line to the upside and is expected to continue its move upward toward the 1783.816 USD level.

XAU/USD Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the gold is ranging above the 1755.573 USD level and this could lead to a huge move upward. A series of bullish bars has been posted which show confirms our view that the market is controlled by buyers. This could lead to a move upward toward the mentioned target profit.

Signal Idea:

Buy Limit Order @ 1756.918

TP 1 @ 1782.825

TP 2 @ 1808.132

Stop Loss @ 1744.782

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

10 comments

  1. are you still holding gold trade after huge retrace

    • I haven’t checked, but it likely hit the breakeven we set.

      We argued about this signal and when to exit it in our group.

      I wanted to TP at the top.

      Some of our members made that decision on their own as it was a good entry.

      • So, should we hold this position? Or better just close it?

        Yeah, the retrace was pretty close to the TP but missed. If I was looking at the time, I’ll immediately close it. 😂

  2. Great signal again Patrick! Put almost 200 pips on my trading account!
    Nice Thank you!
    Zsolt

    • Glad you got out of this one.

      We had an argument about exiting the trade in our vip signal discussion.

      • I’ve learned my lesson on gold way to many times! So I used your entry and set a modest TP of 1776.00 When it hit my target I just didn’t screw whit it anymore!
        Traded 2 lots so $3800.00 is not a bad payday in my books!

  3. Hi,

    Usually how long should I hold on to the position?

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