ForceFollower
Long

XAUGBP D1: Trending Up

FX_IDC:XAUGBP   GOLD / POUND STERLING
111 0 6
Here's the summary of how I see the current situation in financial markets (as of 14.02.2016, 20:00 CET):
The strongest currency: JPY (currently weakened, relatively oversold).
The weakest currency: GBP (currently a bit stronger, slowly stepping into the overbought territory).
The leading markets:
- XAUGBP - trending up;
- XAUUSD             - trending up;
- XAUAUD             - trending up;
- NIKKEI 225             - trending down;
- GBPJPY             - trending down.

Here are the key points of chart analysis for XAUGBP:
- Trend. I find the trend clearly up and its deviation from the blue trendline indicating its acceleration.
- Support. I find the key major support above the prior major top, at the pink parallel, in the middle of the small range, at about 785. Minor support: several layers at prior minor highs, Fib levels or bottoming bar tops (792, 800             , 825 and 832).
- Resistance. If current high at 874 fails to hold, the first resistance is probably on the pink parallel that is making an upper border of the big channel, and that would be at 900.
- Trading opportunites: entry at one of the support levels, with a stop-loss order below some prior low, looking to exit at some resistance with R:R of at least 1:1.
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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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