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XAU/USD Potential Upward Movement

XAU/USD Long-Term Trend: Bullish

Key Resistance Levels: 1844.61, 1852.39, 1855.71

Key Support Levels: 1825.19, 1815.33, 1798.13

Daily Chart:

The price on the higher time frame posted a double bottom which led to a reversal and a move upward. It entered into a parallel channel where it broke to the upside with a big bodied bullish candlestick showing that the bulls are in control.

XAU/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the gold is traded inside a bullish channel formation where we expect a lower correction to the lower end of the channel before a rally to the upside in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 1830.18

TP 1 @ 1844.22

TP 2 @ 1844.61

Stop Loss @ 1824.48

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.

One comment

  1. Hey Joe,

    Is this trade still valid?

    I was not able to place it as a Buy Limit, but as a Buy Stop, so that might not be as you intended it.

    Also, why are both TP’s so incredibly close to each other? Those micro-pips are not offering any substantial extra profit or am I missing something?

    Kind regards,
    Willem

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