[FOREX TIP] 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….

As we see that the price was about to make a Double top at 1262.50. However, before breaching the support of the Double top, it breached the level of 1262.50. Then, we had three H4 corrective candles so far. More likely, the price would come at the level of 1259.25. If it really does and produces an H4 reversal candle right at that level, then buying Gold would get us some green pips with excellent risk and reward ratio. Let us have a look at the summary of the trade…

• 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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We hope that you enjoy our Free Forex Trading Signal today: EURGBP Price Action Analysis – 26th May 2017

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