Longer term position outlook for XAUUSD
Looking at a potential scenario here over a position trading timeframe (weekly) on XAUUSD
We seem to be holding a relatively key Fib 'area' on the W1 chart at the moment (38.2% & 61.8% of the recent upwards moves) - with this in mind I'd like to see a continued rally in this metal to hopefully re-test the highs of last year and if we can break above then potentially an extended move up to the 'golden' zone on the chart here where we have a cluster of Fib extension levels from the recent moves (127.2% & 161.8%)
I don't usually trade these longer term trades as I don't currently have the patience to hold a position for months on end! :) But have been becoming increasingly more interested in position trades simply as a more 'hassle free' addition to the old trading arsenal.
Let see where it takes us!
We seem to be holding a relatively key Fib 'area' on the W1 chart at the moment (38.2% & 61.8% of the recent upwards moves) - with this in mind I'd like to see a continued rally in this metal to hopefully re-test the highs of last year and if we can break above then potentially an extended move up to the 'golden' zone on the chart here where we have a cluster of Fib extension levels from the recent moves (127.2% & 161.8%)
I don't usually trade these longer term trades as I don't currently have the patience to hold a position for months on end! :) But have been becoming increasingly more interested in position trades simply as a more 'hassle free' addition to the old trading arsenal.
Let see where it takes us!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.