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Technical Analysis
Technical & Fundamental Analysis on one of the Most traded pairs
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[QUOTE="Avinash, post: 26444, member: 14722"] Gold is one of the very attractive instruments to trade in the world wide market and in reality also to buy, own and invest for long term purposes. Gold as it is a precious metal makes it very valuable in the long run so every trader, investor and even banks buy for some or the other purpose. I believe they are lot of traders and investors who are looking to trade in metals such as Gold & Silver. XAUUSD (Gold) is one of the easiest pair to trade- To trade in Gold, you need to know the basic fundamentals, apply normal trend indicators or the indicators you think would work and more equity back up as Gold may be very profitable or very risky in short term but the right way to trade in Gold is to understand the long term trend and hold your positions. Even if the Gold is bringing some losses does not mean that you are unable to hold your positions, if you are right on the trend and you have taken a position just sit on the train until you reach your destination. With proper risk management and trading strategies it would be much futile to trade in Gold. [IMG]http://i43.tinypic.com/23iwftf.png[/IMG] I would make you understand how easy it is to trade in Gold using very simple indication in the market so I have attached an hourly chart for XAUUSD (Gold) from 23rd February to 8th of March. On 23rd February I have inserted a purple trend lines moving downwards which is a downtrend channel, gold has been moving within the downtrend channel for 3 days until it was broken on 28th Febraury (indicated by red circle breakout) showing that the trend have changed to uptrend. When you monitor the charts well enough you can observe that the trend has been shifted to an uptrend channel indicated by red line between 27th February and 29th February. On 29th February the uptrend was heavily broken which is a simple technical indication falling from 1775 to 1688. 1775$-1688$= 87$, say 1 standard lot that is 100 ounces is traded will give a profit of 87$ x 100= 8700$ Profit. If 10 Standard lots that is 1000 ounces is traded= 87$ x 1000= 87000$ profit. On 1st March, Gold tried to break 1725$ as a resistance level but was not able to break and created lower highs showing a downtrend channel which showed a breakout as a selling opportunity on 6th March. As per today, the short term trend was shifted from downtrend to uptrend channel between 6th March and 8th March continuing to go up. Carefully watching both the red lines can indicate you either breaking the uptrend resistance where market may go up further or breaking uptrend support where market may go down further. Please let me know if you face any difficulty in understanding, it is very simple to understand and there is not much complexity involve in explaining. Please refer to the chart which will explain in a better way. [/QUOTE]
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