XAU/USD
has been trading downwards since April which gives us a potential set-up to long
XAU/USD
Long-term downside trend-line has been formed which gives us a chance to buy the breakout.
Current long term outlook on XAU/USD
Long-term downside trend-line has been formed which gives us a chance to buy the breakout.
Current long term outlook on XAU/USD
- is Bullish.
Also, with China seeking WTO's permission to impose sanctions of US$7 Billion, this might affect prices of XAU/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)
Look out for the retracement back to contest the trendline to buy back in