I am attaching the monthly chart for your analysis. Drop us a comment with your strategy for the rest of the year including a risk management and a money management plan.
Tuesday, October 31, 2017
4 comments:
Disclaimer: This site is not intended to provide professional advice nor to lead users to either copy or follow the trades herein posted, it is essentially conceived to share thoughts and ideas for non-professional traders and become a non-official knowledge base for individuals interested in testing and improving their own skills in the spot Gold market.
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In looking at both the daily and weekly charts, I think the level 1267 is very important. On both chart, a break to the downside at that level with a subsequent confirmation on the daily and weekly chart is likely a sign of down trend to possibly retest the 1200s level?
ReplyDeleteAgree
ReplyDeleteHi Guys,
ReplyDeleteAs im a bit new to XAU I will follow my normal D1 Price action strategy, so in other words more technical than fundamental. I have also adopted some of the learings from this awesome blog into the strategy...
so for now, I'm entering at 1274/5/6, and exiting around 1268/9. will keep on doing this as long as the price action respects the bearing trend.
SL's are quite tight, at around 1000p..
I agree a big support / resistance area is around 1267, a break in that will set XAU to full bearish.
none the less, safe trading guys
I also agree with the 1267 level on an intraday closing basis however 1251 is also a key support where price could bounce up to close above 1267. Lower than 1251 on a daily close and 1200 will be seen very quickly.
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