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2016-09-01 15:36 (GMT+2) Gold
There are chances of price reversal and upward correction in case of rebound from 1298.53 and 1287.50.
On the 4-hour chart, the price broke down the level of 1313.20 (50.0% correction) and is heading towards the level of 1298.53 (61.8% correction), a breakdown of which allows the pair to continue falling towards the level of 1280.60 (76.4% correction). In case of a price reversal in the region of 1298.53, targets could be at 1313.20 and 1327.65 (38.2% correction).
On the daily chart, the price fell below the level of 1308.00 (38.2% correction) and reached the ascending 50.0% fan line, a breakdown of which would open the way towards the level of 1287.50 (50.0% correction). The pair still has potential for a fall continuation, but there are chances of a price reversal (as Stochastic remains in the oversold zone) and growth towards the levels of 1319.00 and 1333.60 (23.6% correction, middle line of Bollinger Bands).
Trading tips
In the short-term, sell the pair below the level of 1298.53 with targets at 1287.50, 1280.60 and stop-loss at 1308.50.
Alternative scenario
Pending buy orders can be place in the region of 1298.53, 1287.50 with targets at 1313.20, 1319.00, 1333.60 and stop-loss at 1282.50.
On the 4-hour chart, the price broke down the level of 1313.20 (50.0% correction) and is heading towards the level of 1298.53 (61.8% correction), a breakdown of which allows the pair to continue falling towards the level of 1280.60 (76.4% correction). In case of a price reversal in the region of 1298.53, targets could be at 1313.20 and 1327.65 (38.2% correction).
On the daily chart, the price fell below the level of 1308.00 (38.2% correction) and reached the ascending 50.0% fan line, a breakdown of which would open the way towards the level of 1287.50 (50.0% correction). The pair still has potential for a fall continuation, but there are chances of a price reversal (as Stochastic remains in the oversold zone) and growth towards the levels of 1319.00 and 1333.60 (23.6% correction, middle line of Bollinger Bands).
Trading tips
In the short-term, sell the pair below the level of 1298.53 with targets at 1287.50, 1280.60 and stop-loss at 1308.50.
Alternative scenario
Pending buy orders can be place in the region of 1298.53, 1287.50 with targets at 1313.20, 1319.00, 1333.60 and stop-loss at 1282.50.
Scenario
Timeframe | Intraday |
Recommendation | SELL STOP |
Entry Point | 1298.50 |
Take Profit | 1287.50, 1280.60 |
Stop Loss | 1308.50 |
Key Levels | 1280.60, 1287.50, 1298.53, 1308.00, 1313.20, 1319.00, 1327.65, 1333.60 |
Alternative scenario
Recommendation | BUY LIMIT |
Entry Point | 1298.53, 1287.50 |
Take Profit | 1313.20, 1319.00, 1333.60 |
Stop Loss | 1282.50 |
Key Levels | 1280.60, 1287.50, 1298.53, 1308.00, 1313.20, 1319.00, 1327.65, 1333.60 |
with
M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
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Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.