Gold Technical Analysis | Gold Trading: 2014-11-27 | IFCM UAE
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Gold Technical Analysis - Gold Trading: 2014-11-27

Gold prices complete retracing

Let us consider the daily price chart of XAUUSD (Gold) futures. The price is moving in the limits of W1 and D1 bearish trend, containing the falling Donchian Channel. At the moment, we can observe the price retracement completion: the last bar peak of RSI-Bars oscillator is located on the border of the resistance trend line, and that means a prompt price reversal is about to happen. The corresponding Parabolic confirmation will be obtained after the support level breakout at 1162.82, located below next to the last Bill Williams fractal. This mark can be used for opening a pending sell order with Stop Loss placed above $1208.85 per troy ounce. This level is confirmed by the upper Donchian Channel boundary and the last resistance fractal.

technical-analysis-charts-gold-xau-usd

Currently, we do not have a confirmatory bearish signal looking at the trading volume on Chicago Mercantile Exchange. For this reason, conservative traders are recommended to wait for the level of 375000 contracts to be outperformed: in this case, we can be sure in the trend continuation. For the trading volume data please click here.

daily-exchange-volume-chart

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

PositionSell
Sell stopbelow 1162.82
Stop lossabove 1208.85

Dear traders. For the detailed report of the strategy based on analytical issues of technical analysis click 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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