GOLD:
Date: August 8, 2016
H4 Graph: Long Trend
After reaching $1368,00, the price fell to horizontal support at $1335,00. Here we may see both senarios long or short. However the trend is long. The correction is also coincided with Fib level of 61,8%. There is a possibility for long in the direction of the trend with small SL.
Price Action: Doji bar at level of strong support
Alternative Scenario: If the price moves lower below the Fib 61.8%, again closes below the horizontal support below $1335 and below $1327.30, this might give us a signal for short instead.
DEM (14) - In the oversold zone and turned up for long
Price for Entry long around: 1333,00
SL: 1325.00
Jr. Trader - S. Fuchedzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
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.