Market

Gold Projection (LONG) 😎 for OANDA:XAUUSD by ForexFP

It’s the top of the week, traders! And it looks like we may see a nice setup for XAU/USD . Let’s get right into the analysis:

We will be entering this trade, for a BUY, only if we see a clean retracement, that is, a nice streak of red candles (1H timeframe), going all the way back to the EP:
Take Profit (TP): ~1831.448
Entry Point (EP): ~1819.684
Stop Loss (SL): ~1810.620

✔️ Breakout @ ~1819.684

✔️ Retracement @ ~1834.051

✔️ EMA (50) @ under the candlesticks , between the EP & SL.

✔️ EMA (200) @ under the EMA (50).

If a big green candle forms (on both the 1H and 4H timeframes), before price hits the EP, this setup is no longer valid.

For about 1 month, we’ve had a nice, solid uptrend. This is a good sign that it’ll continue rising; good evidence, supporting our potential decision to BUY.

This is the fourth time, within the past couple of months, that we see price resisting the ~1831.448 zone. This is good evidence, supporting our prediction that price may retrace to the nearest support zone (~1819.684).

We aim to be straightforward, to help you save time. Is there anything that you wish we would’ve included in this analysis? Please let us know, in the comment section. 🙏

We hope that this helped you! We invite you to follow us, for future projections, trading lessons, and more.

Wanna know more details to this strategy? Check out this lesson.

“My mission is to help you see forex for what it is: it’s not ‘rocket science,’ but a simple strategy game. Get on the ‘good side’ of probability, develop the proper mindset, and you will prosper.”

Nio Pomilia, Forex Free Press

Most Related Links :
honestcolumnist Governmental News Finance News

Source link

Back to top button