XAUUSD Price Action Analysis – 29th May 2017
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XAUUSD or Gold had been choppy for the last 5/6 trading days. However, last Friday the price took a move towards the upside and made a new higher high. The price now has been on correction. There is a good chance that XAUUSD/Gold would offer a long entry once the correction is completed at the right level. Let us have a look at the H4 XAUUSD/Gold chart….
- Buy Limit Price: 1259.25
- Stop Loss Level: 1253.00
- Take Profit Target: 1275.40
- Validity: 24 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
As the chart shows that, there is another level above the recommended level, which has the potential to be a flip over support as well. The price might start reacting from there. However, it is best to wait for the price to come at the recommended level shown on this trade setup. This is when buyers will get more reward than the risk. Moreover, the chance of winning the trade gets much higher as well.
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