Gold Forecast 06/05/2016: Using the correction for a set of long positions - 6 May 2016 - free no deposit forex bonus
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Main » 2016 » May » 6 » Gold Forecast 06/05/2016: Using the correction for a set of long positions
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Gold Forecast 06/05/2016: Using the correction for a set of long positions

 

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In the previous review of 21/04/16 we recommended daily trade triangle. The figure has been broken up, but the possibility to enter the triangle were only those who operate within the trading day, on the basis of TP H4 signals or below - the triangle was broken very large candle, just over 250 points. Those who make a decision based on the daily candle formed, the market is now giving a new opportunity to set long position.

 

 

Month . Almost two months after the goal by price Month-channel, gold kept us in uncertainty - whether serious correction to the middle or bottom of the price channel its borders before the start further growth or strengthening continues without correction. March was closed potential reversal bar - a bar indicates an attempt to start the correction, but without confirming the bar involves both directions. Finally, the results of April the market has shown us the choice - confident candle closing above the March highs reaffirmed the priority of long positions. With this closing month, all correction should be used to set longs.

 

Weekly .Predyduschie seven weeks (March and April) gold has been in sideways, and only the last week of April - the candle very large size, above the highs of the previous periods of the year - showed us finally chosen direction.

Daily. Daily triangle, which we have marked in the previous review, was broken up, but the goal is for it not to work. The breakdown occurred one large candle, the last trading day of April. Next candle, May 02 was a potential reversal. In the days following correction continued, and at the time of writing - Friday May 06 - the price close to the levels which may be resumed from the purchase. On the signs of the day, you can turn back to buy, with the main purpose of the figure "triangle" Daily.


The most proximal level of support can be considered as 1270 (green dotted line on the graph D1) - the price does not just show the importance of this level of daytime highs of 04.03, 08.03, 11.03 and 21.04 - it may well work. If quotations decrease before the upper boundary of the triangle (green on the D1 chart) and it will show the reversal pattern - it can also be a great buy point. If the reduction of gold will go further, the next interesting level is the lower boundary of the triangle. When attaching below these levels the next important support area will serve as a daily 200-period (ibid Month upper bound of the price channel, the red trend on the charts). At each of these supports it makes sense to monitor the behavior of the price, and when a reversal patterns recruit longs.

Recommendations:


Long positions

(A) Longhi on the recommendations of January 2016 in whatever form they may be made in the form of trading positions in forex, bullion accounts or any other form, go to the category of long-term. They should not touch, leave as an investment.

(B) If there are long positions open on the breakdown of the daily triangle, they can continue to hold, with the fixation of the main profit targets for the triangle (about 1300-1330).

(C) New Long - on a daily reversal. Interesting find an area near the upper boundary of the triangle punched D1 and the same 38.2% retracement of last daily reinforcement.

(G) There are also shopping for fixing H4 above the high of Thursday, May 5th. On this day, the price touched the horizontal level of support (day high of 4/21/16, the green dotted line on the graph D1) - perhaps this level, too, will work as a support.

(D) If it is broken the lower limit of the daily triangle, then purchase at a reversal pattern in the time frame of not less than D1 from the area near the upper border of the price channel Month.


Short positions

(E) If there are short positions open on a daily reversal after 02 May, then it should fix most of the profit today, and the remaining part of the profit is required to protect at least bezubytka.

(G) At the time of writing new short positions do not recommend.

(H) If the week closes potential reversal candle, the continuation of short positions can try below the low of the current trading week, but be very careful - large timeframes clearly favor the longs.


On Friday, May 6, 2015, is expected to yield Non Farm Payrolls - data on the US labor market, which traditionally reacts strongly to gold and other assets. It is possible that before the end of the trading day the gold will make another attempt to reduce. Closing Time will show us, the correction is over and she has to continue. Before the release of US data the new position is not necessary to form, but if after the signs of reversal will be formed in the timeframe H4 data from any of these levels in the review, the long positions can be started cautiously form today.

 

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