2 convictions to long XAUUSD today
Based on the daily chart, there are 2 potential trades to long XAUUSD with similar entry points:
(1) Inside day and up
XAUUSD gave an inside day yesterday with a 1226.39 high and 1220.06 low;
it already broke to the upside which may lead to price correction to 21EMA @ 1245
so its entry could be @ 1226.45 and out @ 1219.95, put half of the position sell limit @ 1234 and wait for it to finish the correction to see if there is a reversal;
(2) Bat Pattern
The daily bat pattern indicate an entry @ 1223.46, (0.886 XA) with a 1213.99 (X) out, and it did bounce a little bit off that.
1st target price will be @ 1246.92 (0.382 AD), suggesting taking off half of the positions and trailing the rest.
While the risk is that today will be FED day and it probably will increase the volatility and uncertainty for gold price,
with reasonable risk/reward trade to get involved with it could still be a solid strategy.
XAUUSDxauusd
(1) Inside day and up
XAUUSD gave an inside day yesterday with a 1226.39 high and 1220.06 low;
it already broke to the upside which may lead to price correction to 21EMA @ 1245
so its entry could be @ 1226.45 and out @ 1219.95, put half of the position sell limit @ 1234 and wait for it to finish the correction to see if there is a reversal;
(2) Bat Pattern
The daily bat pattern indicate an entry @ 1223.46, (0.886 XA) with a 1213.99 (X) out, and it did bounce a little bit off that.
1st target price will be @ 1246.92 (0.382 AD), suggesting taking off half of the positions and trailing the rest.
While the risk is that today will be FED day and it probably will increase the volatility and uncertainty for gold price,
with reasonable risk/reward trade to get involved with it could still be a solid strategy.
XAUUSDxauusd
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