Gold Technical Analysis | Gold Trading: 2014-11-13 | IFCM
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Gold Technical Analysis - Gold Trading: 2014-11-13

Gold market equilibrium

Here we consider the XAUUSD (Gold) futures contract on the H4 price chart. The price was moving in the daily retracement before an unsteady balance of bears and bulls was formed (see the triangle on the chart). The last candlestick breached the H4 trend line downwards. However, there was no confirmatory signal on the part of the RSI-Bars oscillator.

technical-analysis-charts-gold-xau-usd

The market is looking for equilibrium. In this case, two opposing orders can be opened on the basis of the resistance level at 1173.72 and the support level at 1145.30. Both marks are confirmed by the DonchianChannel boundaries, Parabolic historical values and Bill Williams fractals. After one of the orders was executed, the second one can be deleted. Let the market choose the price direction.

After position opening, Stop Loss is to be moved after the ParabolicSAR values, near the next fractal high (short position) or fractal low (long position). Thus, we are changing the probable profit/loss ratio to the breakeven point.

PositionSell
Sell stopbelow 1145.30
Stop lossabove 1173.72
PositionBuy
Buy stopabove 1173.72
Stop lossbelow 1145.30

Dear traders. You can see the detailed report of the author’s account by clicking here.

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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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