Day trading strategies on currency pair GOLD 22-08-2016 by AzaForex forex broker, trading strategies

Interested in forex trading heres what you need to know.
Gold in the past few days has lost attractiveness for investors and speculative traders. The rate after a long uptrend stopped growing and stepped to a sideways movement. The price of Gold fluctuated in the last days of going up and down, but did not come out of the narrow corridor boundaries. Now there is a high probability that the rate of gold prices can still go down to the level of 1320, which is the boundary of the lower level of support. Given that the Forex market is now in recession, and volatility had greatly reduced on all trading instruments, the quotations of Gold remains the only attractive trading instrument for trading on the stock exchange, because the gold price is always pleasing to its traders with volatile mood and good profit. Gold is a good and predictable tool for speculative transactions, and that's why, we will open a short position if the price reaches the opening point of our pending order. It is also worth to remember that the trend is not globally in downward direction, and therefore, when the market situation is not consistent with our commercial strategy, we will come out of the open position even with small profit.
 
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 1331
•             The level of profit and close the position: 1320 (1100 pips)
 
 
Forex currency pair GBPUSD
Possible bullish movement in the breakout of the resistance level 1.3000
 
Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.1320
 
Forex currency pair USDJPY
Possible bearish movement in the breakdown of the support level 100.30
 
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 0.9650