Categories: Forex Education

GOLD Looks Set For Declines

The market is shaping up nicely for the upcoming major releases, including the FOMC and Greece outcome. A lot of volatility is expected around the mentioned events. We can keep an eye on GOLD and trade accordingly. It looks like the price might trade lower in the near term, as long as it is below the $1205 level. One way to trade GOLD is that there is a support trend line formed on the 4-hours chart, which if breached might open the doors for a sell trade.

Alternatively, if the price does not moves lower, and corrects higher, then we can enter a sell trade around the wave duplication level of the last wave on the hourly chart.

Technical Analysis

H4 – A major resistance around $1205, which is a pivot area.

H4 – Sell once the price settles below the highlighted trend line.

Entry:
H1 – Alternatively, we can enter a sell trade for GOLD if it moves higher from the current levels, forms wave duplication around the $1185 level.
Target 1: $1175
Target 2: $1166
Stop Loss: Above the $1192 resistance area.

Video Explanation:

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.