Gold/AUDPanjang
XAUAUD- Gold - LONG (Buy) Trade Call
On 4h TF AB=CD pattern has been drawn. In parallel, RSI is almost at 50% and moving in upwards indicating a Bullish momentum.
Coupling it with news of US$ Fed cut by 50 bp, Gold is expected to make new Highs. Although this analysis on AUD based but Internationally Gold is mostly traded in US$, therefore, investor will try to buy gold in any currency specially in AUD as Australia is the second largest producer of GOLD and is usually traded at lesser rates compared with USD; therefore, a high demand is expected to push XAUAUD price to upper side.
My trade values are marked on the chart.
Coupling it with news of US$ Fed cut by 50 bp, Gold is expected to make new Highs. Although this analysis on AUD based but Internationally Gold is mostly traded in US$, therefore, investor will try to buy gold in any currency specially in AUD as Australia is the second largest producer of GOLD and is usually traded at lesser rates compared with USD; therefore, a high demand is expected to push XAUAUD price to upper side.
My trade values are marked on the chart.
Nota
All TPs i.e TP1, TP2 and TP3 have been hit.
Now I'm riding the trade with trailing stop as per the analysis to catch potential top.
Penafian
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