I have been examining Gold and have noticed some very interesting patterns. We are nearing a very important level. Let me show you why.
Here is the monthly Gold chart.
As you can see it is in a massive hook on a monthly basis… at these levels we could be looking for another move up heading even higher over the long term. With China holding large amounts of Gold and India’s Gold shortage emerging markets are fuel to a fire that could go on for a while. But we just need that bullish break. Otherwise we could be headed lower, I would like to see the break pushed bullish by fundamental news on Gold NOT negative USD news.
Why expect a rally here? Because at this time the market can’t really decide what to do. But we need to wait this trade out. When it goes, it could go big, either way.
On another topic, I was contacted by a broker yesterday “Belfor FX” you can see their banners on the site, now I’m not the sort of chap who changes broker easily, it’s a bit of a pain, all that paperwork. But for beginners (not that 6 years trading makes me a beginner!). There are some real advantages to their platform including the copy trader facility which allows beginners to copy other traders trades. Ideal if you are a new trader and want to watch what other traders are doing, social trading is in fact, in my view the future.
In the future we could see moves in the market kicked by social trading rather than by the market makers. Mind you I think we are a long way off.
They run the usual MT4 platform and web based trading and they give very good service.
So I would encourage everyone to try out an account. Incidentally it is not a good idea to hold your forex holdings in one trading account. Different brokers have different features and it takes some time to find one you really like.
Got any questions? Please leave them below. If you would like to take a look at Belfor FX click on one of the banners.