Simple and proven steps for foreign exchange success
After a little doubt about the price direction movement Gold choose to continue the downward trend. At the chart of Gold there is a clearly seen descending channel. Now the price has approached the support level 1160, which is not a strong level, but rather a kind of stop before falling further. Dollar has enjoyed low popularity after Friday's events, which indirectly affected the Gold price. Many forex traders and big investors waited the last week for powerful news, and now, after the start of a new week, took their trading decisions than moved many currency pairs quotes and also commodity futures on forex. The price of Gold also stumbled and went down. For our traders, we recommend to set the level of profit taking below 2000 points, so as soon as it had concentrated the old support levels, because there are no any significant levels observed before it.
The price is above a simple moving average 200 MA and 20 MA indicating bullish trend.
If the resistance level is broken you can use the following recommendation:
• Chart timeframe: H4
• The trade recommendation: Sell
• The level of entry into long position: 1160
• The level of profit and close the position: 1140 (2000 pips)
Forex currency pair USDCHF
Possible bearish movement in the breakdown of the support level 1.0060
Forex currency pair GBPUSD
Possible bullish movement in the breakout of the resistance level 1.2750
Forex currency pair USDJPY
Possible bullish movement in the breakout of the resistance level 114.90
Forex currency pair EURUSD
Possible bullish movement in the breakout of the resistance level 1.0720
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