Admittedly the pound hasn't the the strongest, albeit terrible of late since brexit scaremongering was initiated.
Looking at the .618 fib for support or resistance to be found before assuming trend direction however this setup is looking fairly solid. typical market cycle, overbought conditions stretched to inflection point before making a move...
Now is a good opportunity!
Good retracement and near the Day chart level trend line(green dotted line)!
Stop loss - 979.934
Take profit - 933.116
Wishes everyone who seen this idea can earn money!
My gold index is evolving in a bear flag type of pattern which should resolve lower. although price currently hit the support line of its symetrical triangle which should provide a temporary bounce, I will be looking for short entries to target the 61.8% and 100% extension fibs.
I haven't published many ideas on TV besides my occasional take on Bitcoin. At the beginning of the year, I decided to learn how to trade commodities though, so naturally I am observing the commodities markets much more closely these days.
Yesterday, when I was starring at the XAUUSD chart for the hundredths time wondering if the next big move will be to the...
This pair is in a corrective phase after a down move which gives me the reason to believe that it will make one more down move. In this case, the structure changes completely and might significantly bring XAU down in this pair.
Keep an eye on XAU/EUR which could mirror the move.
I wish there could be one more down move for this pair.
There was a formidable move down back in January. This is why my analysis suggests to sell each flag breakout for the price to create a zigzag move.