Take Advantage Of Gold (XAU/USD)

Hi Traders,

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

Renaldo Philander

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