GOLD What NEXT ??

GOLD ... We updated charts and our views here on Nov 2, 2015 ... 

The Link for the same is here, http://fxmagician.blogspot.in/2015/11/gold-xauusd.html

We Clearly Mentioned ... Remember it is not Uptrend, Major Trend is Still Down and We are witnessing a Trend withing the trend. The Upper Resistance Mentioned was @ 1199 

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, 

This is New Monthly Chart for More clarifications. 

This Chart Indicates, We may be near The Bottom of Our Long Term Downtrend., The Lowest Rising Trendline is Drawn from the Resistances somewhere in 2000 to till date, which is a considerably long period. The Middle Rising Trendline was also drawn from Resistances faced somewhere back in 2007 - 2009 period and it certainly proved right in the 2014 period. where it worked as a Support and after a certain period worked as a Resistance also. 

Now The Falling Channel Support Line and Rising Channel Support line crossing in the major support zone. We have multiple supports in this zone, One of the Important Support is around 1070 level and then at the crossing of support lines around 1015-1025 region. We may consider a tail of the candle below this level upto 980 level. 

From Today's Price around 1080.. We have a downside Risk of 100 USD in the Price, which is reasonable, enough for a Investing Angle in a Precious Metal, which is having tremendous upside potential in Long Term. 

Whatever Other Analysts and Experts say, I Believe GOLD will always be the safe heaven for Investors across the World, including Majority Central Banks who Hold Biggest percentage of Gold Reserves across the World and Still Keep Adding to it whenever the price falls considerably. It is a rare Metal, having limited resources and unlimited demands. And Equally High Production Costs. 

Gold Investors May Think of Adding Long Term Buy Trades at 1080 and 1040 Levels with Stoploss around 980 levels and Targets Coming around 1244, 1344 and 1422 Levels, where we will revisit the strategies. Good Luck, Be Smart, Invest Smart !! 

EUR/USD.....

EUR/USD .... Started Falling After Breaking the Trendline and Accelerated to 1.08050 odd levels. 

The Pair still hasn't Retested the Broken Trendline and Now Trading Near a Big Support. The Support Levels can be seen on Chart in Red Colored lines and Values on the right hand side. 

If the Support Hold good, We expect a reversal and retesting move upto 1.1120 level. If Price gets Rejeted from 1.1120, We may assume that the Downtrend in the pair is still valid and can be continued below current levels. It's Important to see if 1.0810 level is hold for and some reversal is signaled by the pair. We may enter Longs if the 1.0810 level holds on daily closing basis. 

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GOLD (XAU/USD)

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. 

We Suggest to Add Longs with the SL of 1122 and a Target of 1166 - 1188 and Entry anywhere near 1129 to keep Risk at a Moderate Level. Trade with Smaller Trades and use Strict SL.

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GBP/USD ....

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.

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