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Trade Carefully with the Major Trend in Mind always. Don't Jump in with Heavy Positions considering short term trend. Short Term Trends tend to be false any time.Now is the time to revisit and recalculate things with the Long Term Perspective again, as the Short Term Trend Fail with Breaking all levels,
GOLD (XAU/USD) Trading in a Falling Channel on Weekly Timeframe is in a short term upward move within the trend and is supported by the rising trendline as shown on the chart in Gray Line, The Metal also have Good Support @ the level of 1129 and 1122, If the Supports are Hold and the pair continues to move along the Rising trendline, We might See a Move upto the Upper Trendline Resistance of the falling Channel.. Remember it is not Uptrend, Major Trend is Still Down and We are witnessing a Trend withing the trend. Every view will be protected by these 2 Charts.
The Precious Metal, is moving in a Rising Channel on the Daily Timeframe, but always remember we are Still within a Long term Falling Channel and the Views based on the Short Term Rising Channel May be Invalid at any time and Tend to be in favor of the Major Trend. We See a Possibility of Continuation of the Short Term Uptrend if the Supports at 1129 and 1122 are Hold, We might see Reversal upto 1188 - 1199 and 1204 level. If the Supports are Broken the Immediate Big Support is seen at 1104 level.
Trade with the Given Levels and Manage your Trades with Proper Risk Management, Trade Carefully with the Major Trend in Mind always. Don't Jump in with Heavy Positions considering short term trend. Short Term Trends tend to be false any time.
GBP/USD, Weekly Timeframe shows Triangle Formation with Multiple Supports and Resistances at Different Levels, Although we may see a Range in this timeframe, I expect a breakout and further upmove till 1.5800 - 1.5900. There are few immediate resistances on the way. 1.5510 will be important to watch.
GBP/USD ... on a Smaller Term Daily Timeframe, shows a breakout of the falling channel but need to watch for Next Daily Candle for confirmation and a retracement to confirm the breakout. As we have 1.5510 as a Multiple TOP zone and a major Resistance on the way, we expect a reversal from this level to test the trendline again. But we have to watch the News flow to support this view. if we didn't get a complete daily candle outside the trendline, the view may be invalid. There are many Big Supports on the way down, that will restrict the fall of the pair.
On a Further smaller Time frame and with a few indicators we get a positive view on the shorter term, suggesting some more upside. The MACD and RSI both are showing further positive momentum and the Multiple Tops Resistance at the level of 1.5510 will act as a Big Hurdle. Till then Longs can be added around 1.5400 with a SL around 1.5360 level, It will be a Good Risk Reward of 1:2. Below 1.5360 we might see further correction to 1.5310 and 1.5240 level.