XAUUSD Forecast and Trade setup for August 2014

XAUUSD Forecast and Trade setup for August 2014

Daily Chart

• A large Gartley Pattern is possible which completes close to huge support

• A Smaller Gartley is fast approaching
• Would be nice if we could see positive divergence on oscillators when approaching the PRZ zone

Hourly Chart

• H4 chart shows the smaller gartley from the Daily Chart,

• As you can see it completes at a 4Hr Chart support area

Outlook Trade opportunity

I am interested on the near term Gartley (smaller pattern), as it completes nicely on the 4Hr support zone which if you scroll left, its proven to be a very important level. With the market condition of the DXY, as its fast appraching another resistance, it could be the same time where the DXY / Dollar Reverse, and Gold hits the Gartley PRZ zone
Summary, i'd like to monitor this as it approaches and look at the market condition to take this trade, If it does play out to my anticipation above, it should be a nice trade

Risk Level LOW

Tips -

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