ForceFollower
Long

XAUEUR D1: Trending Up

FX_IDC:XAUEUR   GOLD / EURO
67 0 2
Here are the key points for XAUEUR:
- Trend. I find the trend clearly up; the breakout from the long-term bearish Schiff Pitchfork seems to confirm it. Price seems to have switched from the down sloping fork to the up sloping one. The deviation from the black trendline is a sign of trend's acceleration.
- Support. The falling price has found support at the upper border of the down sloping fork, as well as at the median line of the blue fork. There's still minor support at 1065, but I find the key major support levels at the prior major tops: at about 1037 and 1020, as well as at the black trendline.
- Resistance. Price may find first resistance at 1091. Next, if current high at 1112 fails to hold, I'd expect another resistance at the lows of Apr-2015 topping bars, at 1130, and then at the upper median line parallel.
- Trading opportunites: entry at one of the support levels, with a stop-loss order below some prior low, looking to exit at some of the resistance levels with R:R of at least 1:1.

Here's the summary of how I see the current situation in financial markets (as of 16.02.2016, 13:30 CET):
The strongest currency: JPY (currently strengthening).
The weakest currency: GBP (still with room to weaken).
The leading markets:
- XAUGBP - trending up;
- XAUUSD             - trending up;
- XAUEUR - trending up;
- XAUNZD             - trending up;
- Natural Gas             - trending down.
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.
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