How do we take advantage of Gold?
As we approach the middle of the New York Session, I see a potential setup on XAU/USD which we can take advantage of on Monday. Price has risen sharply off the Feds release earlier this week.
Looking at the structure I see a potential buy opportunity coming on if we manage to get a retest of the broken support. I would like to see the price pull back into 174500 and then reject where we can be looking for our entry, I would like to see A rejection and some consolidation in the area before attempting to take a buy. A bullish engulf would also be ideal.
Looking at where the price is currently trading it could just give a push-up to target without pulling back, If that happens we can find a potential entry above 1765.00. If the price ends up pushing down without any signs of stopping I will be looking at a possible short position.
My target is the psychological level at 1800.
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Hope you all had a successful one
Prediction Analysis Overview Table
|Analysis Overview Information||Prediction Analysis information|
|On what market is this position based (Forex, Stocks, Crypto, Indices, or Commodities)?||Commodities|
|What is the trading position identifier (Name and/or Symbol)?||XAU/USD|
|Is this a Short or Long Position?||Long|
|Would this be considered a Short Term, Medium Term, or Long Term trade?||Medium Term|
|As a Short, Medium, or Long Term trade, which best describes the position (Scalping, Day Trading, Swing Trading, or Position Trading)?||Swing Trading|
|What Time Frame chart is the position based on (1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, Daily, or Weekly chart)?||4-Hour|
|Depending on the asset, how much do you expect it to move in price or percentage?||From Entry to Target – 3.10%|
|What ratio of risk to reward is this trade/position? Choose your appropriate target(s)||More than a 5 to 1 Target 2 N/A Target 3 N/A|
|What were the technical analysis tools used? Tick the appropriate boxes;||☐ Chart Patterns ☐ Indicators ☐ Price Action ☒ Support & Resistance ☐ Trendlines|
|From the technical analysis tools and indicators provided, tick the appropriate boxes for the tools and indicators used to analyze the position;||☐ Ascending Triangle, ☐ Bollinger Bands, ☒ Candlesticks, ☐ Channel, ☐ Cup & Handle, ☐ Descending Triangle, ☐ Double Bottom, ☐ Double Top, ☐ EMA, ☐ Fibonacci Retracement, ☐ Flag, ☐ Head & Shoulders, ☐ MA, ☐ MACD, ☐ Order Blocks, ☐ Pennant, ☐ Rounding Top Or Bottom, ☐ RSI, ☐ Symmetrical Triangle, ☐ Volume, ☐ Wedge|
Trading Prediction Success Probability Score
FSP ranks the probability of this trade a 5/10
- Wait for pullback and some rejection
WATCH OUT FOR
- Price continue pushing from here
Disclaimer: The FSP probability score is derived from adding and subtracting the positive and negative aspects of the position and is not a definitive sign of how the trade will play out. FSP is not in any way a financial advisor