XAU long - trend continuation

15 thg 2, 2019

We are in uptrend on D1. Few weeks ago price penetrated 1300 level and bears weren't even able to retest it from the top. We formed flat correction. First failed breakout indicated volatility increase forecasting either impending breakout or second leg of correction. The latter happened, but it again, it was remarkably shallow and end up in failed test of 1305 bottom. Now we are again close to the channel top and 1h tight consolidation formed - this indicates strong "buying highs" behavior by the bulls, and gives technical traders/algos favorable circumstances to jump in. Thus D1 continuation imminent, long entry with SL at 1310.