GOLD (XAU/USD) Trading in a Falling Channel on Weekly Timeframe is in a short term upward move within the trend and is supported by the rising trendline as shown on the chart in Gray Line, The Metal also have Good Support @ the level of 1129 and 1122, If the Supports are Hold and the pair continues to move along the Rising trendline, We might See a Move upto the Upper Trendline Resistance of the falling Channel.. Remember it is not Uptrend, Major Trend is Still Down and We are witnessing a Trend withing the trend. Every view will be protected by these 2 Charts.
The Precious Metal, is moving in a Rising Channel on the Daily Timeframe, but always remember we are Still within a Long term Falling Channel and the Views based on the Short Term Rising Channel May be Invalid at any time and Tend to be in favor of the Major Trend. We See a Possibility of Continuation of the Short Term Uptrend if the Supports at 1129 and 1122 are Hold, We might see Reversal upto 1188 - 1199 and 1204 level. If the Supports are Broken the Immediate Big Support is seen at 1104 level.
Trade with the Given Levels and Manage your Trades with Proper Risk Management, Trade Carefully with the Major Trend in Mind always. Don't Jump in with Heavy Positions considering short term trend. Short Term Trends tend to be false any time.
We Suggest to Add Longs with the SL of 1122 and a Target of 1166 - 1188 and Entry anywhere near 1129 to keep Risk at a Moderate Level. Trade with Smaller Trades and use Strict SL.
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