16 Nov 2015

POSSIBLE RETRACEMENT HIGHER IN GOLD

XAU/USD DAILY

Gold has started the week with a move higher after testing and rejecting the major support level at 1,075 at the end of the last week.

Given the amazing decline over the second half of October there's a large probability for a retracement higher towards the broken channel support to test it as the new resistance around 1,125.


XAU/USD H4

The H4 chart shows there's a possible inverse head and shoulders play in the cards. As the price is currently testing the smaller range highs a small move lower is to be expected before it can break through and head higher.

I will be waiting for a move around 1,085 to enter a small long position and will be looking to scale in if we manage to break the range highs at 1,096.

A break below 1,075 would turn me bearish on the metal once again.




For deeper knowledge on how the Forex market works and how to trade it simple check out our Forex Online School

If you don't want to miss any new trade ideas and updates, subscribe to one of our Trade It Simple Signal Service Plans and receive in your E-mail:
  • Entry details
  • Take-profit details
  • Stop-loss details
  • Trade updates
 SUBSCRIBE HERE!


0 comments :

Post a Comment