Here is an update on XAU/USD
RECAP:
In our previous analysis XAU/USD was trading at $1788
We expected a reversal after a bullish harmonic pattern had formed.
We cautioned of a high possibility of a further move to the downside and this is what happened.
Gold reached lows of $1769 triggering our Sell Stop at $1780 and hitting our TP at $1770 banking 200 pips over 20 positions on this trade order.
We had an active sell order which we noted in our previous analysis which we had opened at $1810 which we also closed at $1770. In total we banked 1000 pips on Gold.
WHAT TO EXPECT:
Currently Gold is trading at $1786
Bullish Harmonic pattern has extended to $1770
Gold is currently struggling to break above $1790-$1785 range which was previous support for the pair.
A break above $1790 will create a chance for Gold to go back to $1800 and try to break resistance at $1810.
If Gold fails to break above $1790 we might see it being range bound between $1790-$1765 before a further move to the downside.
A break below $1765, will allow the pair to test $1750 resistance/support level of June 2020
OUR POSITIONS:
Currently @ $1786
Buy Stop @: $1795
Buy Stop TP @: $1805
Buy Stop TP2 @: $1820
Sell Stop @: 1760
Sell Stop TP @: $1750
Link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
RECAP:
In our previous analysis XAU/USD was trading at $1788
We expected a reversal after a bullish harmonic pattern had formed.
We cautioned of a high possibility of a further move to the downside and this is what happened.
Gold reached lows of $1769 triggering our Sell Stop at $1780 and hitting our TP at $1770 banking 200 pips over 20 positions on this trade order.
We had an active sell order which we noted in our previous analysis which we had opened at $1810 which we also closed at $1770. In total we banked 1000 pips on Gold.
WHAT TO EXPECT:
Currently Gold is trading at $1786
Bullish Harmonic pattern has extended to $1770
Gold is currently struggling to break above $1790-$1785 range which was previous support for the pair.
A break above $1790 will create a chance for Gold to go back to $1800 and try to break resistance at $1810.
If Gold fails to break above $1790 we might see it being range bound between $1790-$1765 before a further move to the downside.
A break below $1765, will allow the pair to test $1750 resistance/support level of June 2020
OUR POSITIONS:
Currently @ $1786
Buy Stop @: $1795
Buy Stop TP @: $1805
Buy Stop TP2 @: $1820
Sell Stop @: 1760
Sell Stop TP @: $1750
Link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
