Gold's Broken Resistance - XAUUSD Bullish Roadmap
Price action has shown promise for XAUUSD since December 2016 where it found a local bottom at ~$1125; since then we've seen a substantial bounce breaking a resistance that has been pushing the price down since July 2016. A clean break of this resistance gives evidence we're completing (wave C of) wave B, after a complex A wave from 1800.
Alongside this the relative strength index is moving up, and previous movements on this momentum have accelerated price action significantly. Sitting above the daily EMA, I feel this is a safe buy from a swing trade with targets set at ~$1480 - the 0.5 Fibonacci and also would give wave C a ~31.5% move; the same as wave A (from ~$1045 to ~$1375).
Profits will be taken on the way; with a stop set at ~$1245.
Happy trading!
Alongside this the relative strength index is moving up, and previous movements on this momentum have accelerated price action significantly. Sitting above the daily EMA, I feel this is a safe buy from a swing trade with targets set at ~$1480 - the 0.5 Fibonacci and also would give wave C a ~31.5% move; the same as wave A (from ~$1045 to ~$1375).
Profits will be taken on the way; with a stop set at ~$1245.
Happy trading!
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