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As Good as Gold

   

Morning traders,

Sometime back we posted about Gold setting up for a potential bullish breakout which you can catch up on here .

Since then, price has been playing out brilliantly and gold continues to tighten up as shown on the XAUUSD weekly chart below. You can see we’re at the point now where price looks coiled to explode to the upside and there’s very little resistance overhead until around the 1571 level.

 

Let’s look at it a bit closer on the daily chart.

A convincing break above our red resistance area could indicate the beginning of a significant long term bull trend. There are a couple of ways a trader could play a setup like this. You could buy the breakout, or if you miss that you could potentially buy the retrace of price back to our breakout area.

Either way, always wait for the break or whatever you use for confirmation. To me, this is pretty much as textbook as it gets and i’ll continue to watch closely.

Trade safe folks.

 

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the forex trading account of the reader. We always aim for maximum accuracy and timeliness, and Vantage shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

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