Traderlifestyle
GOLD(Monthly) Decision Time
Everyone is Busy with Daily and Hourly charts,So I have stepped back and trying to shed some light on Monthly as it is at a very Crucial Decision point.
Falling Trend line from all time Highs we hit in 2011 is here to decide the faith of Gold ;)
Short Term Correction at least to $1200 is expected in coming month or two, it may not come in light of some Big Global Risk event.
Big Supply zone at $1500 - $1600 which is also a important Fib level.
Best Demand Zone from a Decade perspective is lying at $980 - $890 which again is a important fib level.
Medium Term Traders Look to Buy around $1200 levels and look for break of the falling trend line.
Long Term Investors should Buy around the marked Demand Zone as it will offer them best risk to reward ratio.
I hope i have not disappointed anyone neither Bulls Nor Bears :) I have something for everyone ;)
Take Care
USDCAD GIVES US A GOOD TIME TO SHORTHI Folks There is a good setup on USDCAD first showing a strong pattern indicating this is a retracement in a bearish trend.
As you might know USDCAD correlates expetionally well on the montly gold has been very straight bullish since January however It'll be better for Gold to find support either around 1.26000 or much further depending on your trading style and money/risk you can leave positions running for longer and maybe look at the longer term monthly
I like this setup It's a high probabilty and with few risk since if the upper trendline is broken the pattern would be invalid.
However keep an eye on the economic events coming soon be prepared if the numbers are significant against us :)
See you for the next trade !
A.Erikanov
USDJPY Potential Long Setup (1hr Timeframe)Potential retracement as indicated by MACD which I believe will continue bullish movement after initial retracement.
