Hi traders!

Gold has had a great run lately, and as we all know, what goes up must come down (eventually).

As a day-trader, I tend to monitor the 4-hour timeframe for clues about the Daily.

Each trading day, in London, usually has only three 4-hour candles, that’s about 15 in a trading week.

It’s not normal for a trader to trade from 6am until 10pm; most traders will operate from either 6am to 5pm (day traders), or 4pm-12pm (for swing traders).

Gold’s chart shows price considering retracing lower temporarily as part of its larger uptrend.

There are two recognisable levels of support & resistance below price, both of which could feasibly attract Gold if it heads lower, in order to test one or both of those levels for support.

Interestingly, if a Fibonacci measurement is overlaid, then the 38.2% and 50% levels also overlap closely with these S/R levels, adding to the idea that either level could provide a base if Gold is to continue trending higher after a minor correction.

I’ll be watching these areas for bullish candlesticks and any other price action signals that are part of my trend-based trading strategy.

Happy Trading!

Adam Harris

FXGlobe Ambassador Adam Harris is based in London, UK. He’s been trading professionally since 2013 and his specialties are technical and trend-based trading.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

General Risk Warning:
Trading leveraged products such as Forex and CFDs carries a high level of risk thus may not be appropriate and/or suitable for all investors. The investment value can both increase and/or decrease and the investors may lose all their invested capital. The content of this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Under no circumstances shall the Company or affiliated Companies have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to leveraged products.

Maintenance Programmée du Portail Client

Chez FXGlobe, nous nous engageons à vous offrir la meilleure expérience possible.

Pour assurer les performances continues et la fiabilité de notre Portail Client, nous effectuerons une maintenance programmée de nos serveurs et une mise à niveau du système.

À quoi s'attendre après la maintenance

Merci de votre visite sur fxglobe.com

Ce site ne s’adresse pas aux residents de l’UE et ne releve pas du cadre reglementaire europeen et du MiFID II.

S’il vous plaît sélectionner ci-dessous si vous voudriez continuer au site de l’UE