Sforex

Some ideas for XAU/USD

FX:XAUUSD   Gold/U.S. Dollar
526 0 4
I don't trade GOLD             because GOLD             is very hard to trade. It's very difficult to understand what dynamic drives GOLD             price.

Gold             price moves opposite with dollar, when you consider gold             , you must consider USDOllar             index too.

In this topic, I just show some interesting matter regarding to GOLD             . that's Fib channel which Tradingview provided.

I draw on the chart, GOLD             price respects this channel greatly. It reaches step by step fib channel and use those channels as support and resistance .

Moreover, gold             also respects FIB retracement level too.

Thus, gold             traders could use those lines to trade gold             .

In my opinion, GOLD             will continue to decrease because US stock keep going t o rally causue of good prospect of US economy.

All problems connect to FED. If FED taper QE3 to 35-40 billion. That is a big problem and that is the signal for strong buying GOLD             .

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