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Trade Idea: Buying Gold

I haven't made a post in a few weeks... I have been too occupied with other projects to find the time to sit down and get you guys some information, but since you are reading this, it definitely means that I am back with yet another post!

Today's post is a trade idea I have on Gold, not long ago I took the yellow metal up, so far, things are going well.

Let's head straight into this trade idea.

XAUUSD Daily Chart

(click on image to enlarge)

So, by looking at the above chart you will notice that we have 3 reversal/support levels.

The first reversal level is the white solid trendline support, the second is the white dotted trend line support which connects 3 lower lows (which has a 90% chance of a reversal) and the final and third... and my favorite... the 30% reversal level which is in yellow.

If you look at this setup on a weekly and the daily, you would probably agree that its time to buy the precious metal and you would probably happily agree that this is a pretty good trade idea, if you don't, then let us know in the comments why!

I also added the red levels, they are important because they map out the key resistance levels which Gold will face in the near future, these area areas where price might reverse and make a retest of the white solid support level, so you better watch out.

The red levels can also act as profit target areas and re-entry or compounding levels, once they are broker of-course.

In regards to the fundamentals, the only major news expected today is a speech by Mario Draghi at the ECB Central Bank Forum, which is held in Portugal and the US building permits.

Thats all folks! Happy Tuesday and keep making this life, the best life!

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