XAUUSD - Daily

Daily. We have to be really careful here and make sure we don't get stuck the wrong way in a new short-term trend. As you can see on the hourly we have a triple bottom, we're also at the bottom of a long-term trend on the daily. A technical retracement is due but this is Gold we're talking about so it can really shake traders out. This would be the ideal scenario from here, a move up towards the 1750-80 levels and then a decline to our lower target of 1680.

This is a long-term chart and for reference only.