XAUUSD bullish above major support

January 4, 2017

Buy above 1150.11. Stop loss at 1144.05. Take profit at 1162.84.

Reason for the trading strategy (technically):

Price is approaching major support at 1150.11 (Fibonacci retracement, horizontal pullback support, Fibonacci projection) and we expect a bounce above this level to at least 1162.84.

Stochastic (21,5,3) is right on key support level at 8.3%.

Reason for the trading strategy (fundamentally):

The main news event driving USD today is the U.S. ISM Manufacturing survey. It is one of the biggest market moving economic releases because of its Prices Paid and Employment subcomponents which reflect sentiment towards inflation and labour conditions - two of the market's most significant health indicators. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. We’re expecting forecasts of an increase which means a bullish USD is expected, this goes in line with our bullish XAUUSD trade.

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