GOLD: Possible continuation of long move

22.07.2016 / 02:58

Rating:

GOLD:

Date: July 22, 2016

D1 Graph: Long Trend

The price of Gold moved down again after the last leg up to test again for the second time the horizontal support at around 1310, now there is established a diagonal support as well, this all comes together at a Fibo level of 38,2% from the bottom of the move up. This is setup with the Trend and 3 reasons.

Alternative scenario: If the price moves lower below the Fib 38,2% and the horizontal and diagonal support will cancel this bullish view.

Technical Indicator:

DEM(14): D1 - at 0.3 which is the beginning of the oversold zone, but has not turned up for long just yet

Price for Entry long around: 1320

SL: 1299.00

Jr. Trader - S. Fuchedzhiev

Varchev Traders

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

GOLD: Possible continuation of long move

London

Universal numbers