XAUUSD looks good for a run to the topside

April 14, 2014 by Nanakiver3

Gold seems to have recovered from the couple of weeks downturn after the Crimea stuff settled down.

Using our in-house Fibonacci strategy, we have got long on the retraces to the 38.2 and 50.0 retracements of the Fibonacci from 31.12.2013 to 16.03.2014.  The key to this strategy is that the magi 61.8 does not break and the trade has rebounded nicely as the tensions have started to escalate again.

Now that we are back above the 38.2, a break through the 1345 area should see a move back up towards the high of 16.03.201 and we are looking for points to further trail up our stop.