XAU/USD Long position at 1865.77
Technical analysis: We have recently seen a huge wash out on the Long positions as gold broke below the heavy 1864 daily support. Break out traders taking short positions have experienced the whiplash as price broke right back above the major 1864 support level. We have seen a price trap be created which leaves an entry at the equilibrium (1865.77). As labeled on the chart there is clean traffic from 1899.00 - 1935.00 which provides a clean move back to the daily highs as price breaks out to the upside once again.
Fundamental analysis: The US government continues passing stimulus packages which is ultimately what stimulates the bullish price movements in gold recently. Another stimulus package was passed as I am posting this which will continue to help simulate the bullish price in gold. Iran tension could also be factored in if the US embassy continues being harassed which will also stimulate bullish gold prices.
As usual proper Trade/Risk management is always encouraged
Happy Holidays and Happy Trading!
Technical analysis: We have recently seen a huge wash out on the Long positions as gold broke below the heavy 1864 daily support. Break out traders taking short positions have experienced the whiplash as price broke right back above the major 1864 support level. We have seen a price trap be created which leaves an entry at the equilibrium (1865.77). As labeled on the chart there is clean traffic from 1899.00 - 1935.00 which provides a clean move back to the daily highs as price breaks out to the upside once again.
Fundamental analysis: The US government continues passing stimulus packages which is ultimately what stimulates the bullish price movements in gold recently. Another stimulus package was passed as I am posting this which will continue to help simulate the bullish price in gold. Iran tension could also be factored in if the US embassy continues being harassed which will also stimulate bullish gold prices.
As usual proper Trade/Risk management is always encouraged
Happy Holidays and Happy Trading!