Here is an update on XAU/USD
RECAP:
In our previous analysis Gold was trading @ $1730
We were expected the pair to be bullish @ had our target on $1750
The pair did attempt to reach this target but was limited to $1742 before falling back to $1726
The pair triggered our Buy Stop order @ $1740 before falling forcing us to open more buys @ $1730
The finally managed to hit our target as predicted which was also our TP
enabling us to bank over 650 pips on gold.
WHAT TO EXPECT:
Currently @ $1745
We expect the pair to continue its uptrend & attempt to test next resistance @ $1770
The pair might retrace back to the $1730 level before continuing its bullish trend
A retracement is definite with gold after FOMC if you look @ past FOMC events
Do note that according to COT Report gold is still bearish
OUR POSITIONS:
Buy Stop @: $1755
Buy Stop TP @: $1765
Sell Stop @: $1720
Sell Stop TP @: $1710
link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
RECAP:
In our previous analysis Gold was trading @ $1730
We were expected the pair to be bullish @ had our target on $1750
The pair did attempt to reach this target but was limited to $1742 before falling back to $1726
The pair triggered our Buy Stop order @ $1740 before falling forcing us to open more buys @ $1730
The finally managed to hit our target as predicted which was also our TP
enabling us to bank over 650 pips on gold.
WHAT TO EXPECT:
Currently @ $1745
We expect the pair to continue its uptrend & attempt to test next resistance @ $1770
The pair might retrace back to the $1730 level before continuing its bullish trend
A retracement is definite with gold after FOMC if you look @ past FOMC events
Do note that according to COT Report gold is still bearish
OUR POSITIONS:
Buy Stop @: $1755
Buy Stop TP @: $1765
Sell Stop @: $1720
Sell Stop TP @: $1710
link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
