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Long

Gold daily analysis

FX:XAUUSD   Gold Spot / U.S. Dollar
Daily Analysis 4TH January 2016
-Collapse of the Chinese stock market
-Very strong tension between saudi arabia and iran
-Decline in activity in the US
-Rebound aborted Crude Oil            


All these factors explain today 4TH Jan candlestick with a long green body and a long descent wick. bears have dominated the end of the session.


Today no major publication expected except the news flow above to watch for :

if opportunity is given long position can be taken at 1050 1060 stop loss 1048
For thos who have already taken this position, let it roll, and watch out your 4h candlestick to see if it will be wise to take a short position to protect your profit for a while.
Cheers
i took a short a positon at 1105 to protect my profits. I think, we will still have a little correction, probably it will hit 1175-1190 on Monday and maybe tuesday, and going up again toward 1110-1120... This is my trading plan.. Let's see
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