XAUUSD: LONG
Updated
last Friday, the gold surged up to 1517, broke the resistance of downtrend forming since September hitting 1557, 1503 level. Although the price went back down fast from 1517 because of the easing Sino-US trade war, it closed above 1500.
Previewing this week, 3 central banks would release their interest rate decisions, and the market pay mainly attention to the Fed. A rate cut seems to be deemed conducted, but still, the shoe is waiting to be dropped down. Also with the boost of the chaos of Brexit, the gold really get supported.
My bias for the short term movement is that the gold will have another spike to 1517 - 1520 level as long as 1500 holds.
I will wait for the previous resistance-to-current support 1500 - 1503 to be confirmed, and buy at this level.
TP -->1512 - 1517; SL -->1497 - 1498
Previewing this week, 3 central banks would release their interest rate decisions, and the market pay mainly attention to the Fed. A rate cut seems to be deemed conducted, but still, the shoe is waiting to be dropped down. Also with the boost of the chaos of Brexit, the gold really get supported.
My bias for the short term movement is that the gold will have another spike to 1517 - 1520 level as long as 1500 holds.
I will wait for the previous resistance-to-current support 1500 - 1503 to be confirmed, and buy at this level.
TP -->1512 - 1517; SL -->1497 - 1498
Trade closed: stop reached
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