XAUUSD: Monthly uptrend started, key levels to watch

Monthly gold -0.79% paints a very interesting picture here. The daily and weekly show next week is a decisive week, as there is a chance of breaking a key resistance level that might further validate this uptrend thesis, as gold -0.79% breaks free of its shackles containing it since the top in July 2016. Positioning is very bullish , as no one is long, and there no inflows into gold -0.79% miners yet. As soon as money starts pouring in, it will help accelerate up.

Hopefully the ride up is not too bumpy, but if it is, we can always profit from the short term volatility by playing both swing and long term positions simultaneously in our gold -0.79% miner shares, and CFD/Futures positions. I will only play the long side until we hit 1554-1916.35 and monthly time runs out, but, will be monitoring for opportunities to take add on trades, and bank said trades to reload on subsequent dips, which are likely to manifest themselves if more traders join the fray.

Best of luck,

Ivan.

Kommentar:

$XAUUSD confirmed the monthly advance to the targets shown on chart

$XAUUSD - Monthly view:

We should march higher from here.

Trade ist aktiv:

I'm long from here once more.

New monthly low, in a monthly uptrend = buy with a wide stop loss (3 daily ATR distance+-)

Kommentar:

#XAUUSD's daily downtrend expired yesterday, we should return to the top of the range here within a week or two

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