ForceFollower
Long

XAUGBP D1: At the Trendline

FX_IDC:XAUGBP   GOLD / POUND STERLING
54 0 5
Here are the key points for this chart of XAUGBP:
- Trend. I find the trend still UP, although it's been losing momentum recently.
- Fundamentals: the Gold             is strong, while the GBP is weak, in terms of relative strength . The Gold             is also relatively oversold for a strong currency, whereas the GBP is well overbought.
- Support. The falling price is expected to find support on the upsloping blue trendline , which happens to be just above the 23.6% retracement and 61.8% of the alternate price projection of the last major swing down, so there's a Fib-based support between 853 and 855.
- Resistance. Price may find the first resistance at the prior major high (874,2), the next one at the bottom of the topping bars, and another one at the pink upper trendline parallel.
- Trading opportunites: enter long at one of the support levels, with a stop-loss order below the corresponding 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 Fri             . 18.03.2016, 15:00 CET):
The strongest currencies: PLN, NOK             , SEK            
The strongest major currency: CAD (currently strengthening);
The weakest currency: USD.

The leading markets:
- USDNOK             - trending down;
- USDSEK             - trending down;
- USDSGD             - trending down;
- WTI OIL             (US OIL             ) - trending up.

The developing potential entry opportunities:
- XAUGBP - go long;
- GBPAUD             - go short;
- USDSEK             - go short.
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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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