Posted: Thu Oct 18, 2012 6:07 am
Any one can give me some suggestion about XAU/USD trading.
Which strategy or indicator is good for XAU/USD trading?
Gold for this week
Posted: Sat Jan 26, 2013 11:37 pm
I'm no expert on gold trading, but the main lesson I have learned is to only trade small lots. The metals can be very volatile and it's very easy to find yourself deep in a loosing position if you don't trade cautiously.
This is my take on gold for next week, 28/1/2013.
This is my weekly chart. After a few weeks of congestion, followed by an inside bar, and nice breakout, two weeks ago, gold finished up, and last week it fell the exact same amount. I see it falling again this week with 2 possible low spots.
The first is at 33% of last week's range that corresponds to a previous low three weeks ago, around 1642 (the blue line)
The second is at 50% of last week's range - the purple line - around 1635. This area corresponds to a longer term S/R level, and is my most likely area for this weeks low.