ForexSignalPort GOLD Free Technical Trade

Update 12 Feb 2019 : XAUUSD Short : Executed @ 1313.93. Closed for +47 pips.

XAUUSD : Update to Technical Analysis and Trading Oppurtunities : 27 Jan 2019
Original recommendation dated 6 Jan 2019

GOLD price action was consolidating between 1295 to 1275 over past few weeks and has seen a break out of the range on Friday powered by USD weakness. The price is inside the Potential Reversal Zone for considering short positions - however, The strong bullish bar seen on Friday is likely to take the price towards the upper resistance levels near 1309 (238% fib ext of BC leg) or even 1319 (262% fib ext of BC leg).

Based on the above, we have altered our D point (PZR) to 1309 to 1319. Phibase team has pre-programmed scripts to trade GOLD on reversal confirmation in the PZR - Members with ForexSignalPort trade cloner EA will trade this set up automatically. Trade will be executed in price range of 1315 to 1319, with Stoploss level just above 1325 (High of May 2018). We will not trade short size below 1315 since the SL would be beyond 100/120 pips - which is the maximum limit we have set for all our trading strategies. The reward offered by Short is also seen to be limited due to support expected at 1298/1293 levels. We aim for trades offering Risk/Reward closer to 1:3 for trade execution.

Manual traders can consider short entry levels above 1309 on resistance confirmation.

US Shutdown/Emergency related developments may provide long opportunities from resistance turned support zone at 1298 to 1293 levels. Gold could potentially see upside moves to 1365 (High of 2018) - this could provide Long trades with very good risk : reward. Our team will factor in USD weakness/strength and developments in the US political space for the long position upon re-tracement of price to 129x levels.

  • SHORT set up valid if price reaches 1309 to 1319 level this week (Last week of Jan 2019).
  • Break above 1325 will invalidate the trade setup and recommendation.
  • Enter SHORT on H1 reversal in zone 1309 to 1319
  • Server Side Stoploss : 100 pips or 1326.0 which even is lower
  • Hidden SL : None
  • Target Price : 1300 (+100 to +150 pips)
  • Risk:Reward = 1:1.5
  • Server Side SL move to breakeven after floating gain crosses +50 pips
  • LONG Set up valid if price retraces to 1298 to 1293 level (after reaching PZR) within next two weeks.
  • Break below 1289 will invalidate the long trade recommendation.
  • Enter LONG on H1 reversal in zone 1298 to 1293
  • Server Side Stoploss : 100 pips or 1289 which even is lower
  • Hidden SL : None
  • Target Price : 1350 (+500 pips)
  • Risk:Reward = 1:5
  • Server Side SL move to breakeven after floating gain crosses +100 pips
  • Allow room for reaching higher gains or book gains + re-enter LONGs on pull backs.

XAUUSD : Technical Analysis and Trade Setup Recommendation :
Poposed Setup 6th Jan 2019

ForexSignalPort GOLD Free Technical Trade

While the setup is not based on any perfect Harmonic pattern, the reversal points are reasonably close to Fib levels/extensions. This trading recommendation is considering the long term price action, coupled with the fact that D1 RSI indicates overbought conditions. Further, likely reversal of USD index from its support level of 96 added weight-age for going Short on the XAUUSD pair.

  • Symbol : XAUUSD
  • Analysis time frame D1
  • Original Recommendation Date : 6th Jan 2019
  • Last Update Date : -
  • Pattern : None (No Perfect Harmonic Pattern)
  • Potential Reversal Zone (PRZ): 1302 to 1309 (BD leg = 2.24 Fib Extn)
  • H1/H4 timeframes indicate possible move into PRZ over next few days

Phibase Technical Trade Setup #1 (Reversal at PRZ):

  • Set up valid if price reaches 1302 to 1309 level over next week(s).
  • Break above 1312 will invalidate the trade setup and recommendation.
  • Enter SHORT on H1 reversal in zone 1302 to 1309
  • Server Side Stoploss : 100 pips or 1313.0 which even is lower
  • Hidden SL : None
  • Target Price : +500 pips
  • Risk:Reward = 1:5
  • Server Side SL move to breakeven after floating gain crosses +100 pips
    Allow room for reaching higher gains.


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