Gold Breakout On The Upside

12 Sep 2018

XXAU/USD has been trading downwards since April which gives us a potential set-up to long XXAU/USD

Long-term downside trend-line has been formed which gives us a chance to buy the breakout.

Current long term outlook on XXAU/USD

• is Bullish.
  
  Also, with China seeking WTO's permission to impose sanctions of US$7 Billion, this might affect prices of XXAU/USD
  as XAU and USD have an inverse relationship, sanctions could further support the upside breakout of XAU
  
  Target: 1258.45
  Resistance: 1235.42 (61.8% Retracement)
  Support: 1210.05, 1208.30 (Heavy Trading at this price range)
  

13 Sep 2018

Catatan

Gold Has currently broken the bearish trendline,

Look out for the retracement back to contest the trendline to buy back in