Day trading strategies on GOLD 10-17-2016 by AzaForex forex broker, tips from the masters for trading on forex

Find ways to succesfully manage your foreign exchange accout.
The price of Gold still can not rise. All investors attempts to rise it failed. After such a strong fall there were no any adequate correction in the commodities of the futures market. On the contrary, every price rebound is smaller and smaller, that shows us that the price of Gold may go down again. Yes, it may be not a strong fall, but taking into account the downward movement of Gold, we can assume that it will continue. Setting an adequate goal of 1500 points, to the nearest level of support, we do not go beyond the Fibonacci levels. If you look at trading volumes they are significantly reduced now. Forex traders are in no hurry to take someone either side, and waiting for the right moment to enter the market. We will also observe the situation on the Gold chart, and if it will pass the next level of support in 1245 we will join the Bears, opening a short position.

The price is below a simple moving average 20 MA indicating bearish trend.
The MACD trend indicator is below zero level now, indicating bearish movement.
 
If the support level is broken you can use the following recommendation:
•             Chart timeframe: H4
•             The trade recommendation: Sell
•             The level of entry into short position: 1245
•             The level of profit and close the position: 1230 (1500 pips)
 
 
Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.2130
 
Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.0960
 
Forex currency pair USDJPY
Possible bullish movement in the breakout of the resistance level 104.60
 
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 0.9900