Gold to test the highs?
Hi Guys,
XAU?USD , Gold has a bullish look about it after going through a selloff recently from a strong resistance zone (1.618 retracement from 2011 high to 2015 low).
The daily chart has made a double bottom on the anchored VWAP from February low (black line) and the right side of the double bottom has a nice inverted head and shoulders when looking at the 4 hour chart which has broken the neckline and has very good structure about it.
The fact that it has two strong reversal patterns on the two higher timeframes and printed on the important AVWAP could result in a nice move up if we get a pullback into the demand zone created from the neckline break (blue box) , essentialy a retest of the neckline break and a retest of the downtrend line /upper line of wedge/ triangle it has just broken out from.
Also the gold chart has made a move above its key MAs, notably the 50ma.
Target would be its all time high and stop placement somewhere under the right shoulder. which would result in nice risk/ reward.
Safe Trading all
XAU?USD , Gold has a bullish look about it after going through a selloff recently from a strong resistance zone (1.618 retracement from 2011 high to 2015 low).
The daily chart has made a double bottom on the anchored VWAP from February low (black line) and the right side of the double bottom has a nice inverted head and shoulders when looking at the 4 hour chart which has broken the neckline and has very good structure about it.
The fact that it has two strong reversal patterns on the two higher timeframes and printed on the important AVWAP could result in a nice move up if we get a pullback into the demand zone created from the neckline break (blue box) , essentialy a retest of the neckline break and a retest of the downtrend line /upper line of wedge/ triangle it has just broken out from.
Also the gold chart has made a move above its key MAs, notably the 50ma.
Target would be its all time high and stop placement somewhere under the right shoulder. which would result in nice risk/ reward.
Safe Trading all
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