XAUUSD: Gold's downtrend decline has failed
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Gold has a very interesting setup as described in my monthly chart, see related ideas for it.
The daily is offering a potential long entry as well, to benefit from a time at mode uptrend signal, that aims for at least a climb to 1329.18 to occur before April 1st.
On Monday, price needs to hit 1293.73 before the close, to further validate the momentum in this trend, else, it'd be probable to see a retracement after hitting the monthly downtrend mode, which is currently the barrier stopping gold from hitting at least 1550.
We can look to go long if we hit the 'daily buy zone' on chart, with stops at 1232.30, and in case this fails, we would have to monitor the price action against the following support levels, more specifically, the Speed lines and the time levels on chart, as well as the retracement levels I've labeled here.
I'll focus on the long side, considering the larger picture view.
Will update the chart upon entry.
Good luck and have a nice week!
Cheers,
Ivan Labrie.
The daily is offering a potential long entry as well, to benefit from a time at mode uptrend signal, that aims for at least a climb to 1329.18 to occur before April 1st.
On Monday, price needs to hit 1293.73 before the close, to further validate the momentum in this trend, else, it'd be probable to see a retracement after hitting the monthly downtrend mode, which is currently the barrier stopping gold from hitting at least 1550.
We can look to go long if we hit the 'daily buy zone' on chart, with stops at 1232.30, and in case this fails, we would have to monitor the price action against the following support levels, more specifically, the Speed lines and the time levels on chart, as well as the retracement levels I've labeled here.
I'll focus on the long side, considering the larger picture view.
Will update the chart upon entry.
Good luck and have a nice week!
Cheers,
Ivan Labrie.
Note
Note
First speed line broke and closed below. Seems like more downside is possible, I'd sell a pullback if offered and go long lower.Note
I mispelled and noticed too late "Longterm decline" not downtrend decline...my bad.Note
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