Forex Technical Analysis XAUUSD : 13 November 2014
Here we consider the XAUUSD (Gold) futures contract on the H4 price chart. The price was moving in the daily retracement before an unsteady balance of bears and bulls was formed (see the triangle on the chart). The last candlestick breached the H4 trend line downwards. However, there was no confirmatory signal on the part of the RSI-Bars oscillator.
The market is looking for equilibrium. In this case, two opposing orders can be opened on the basis of the resistance level at 1173.72 and the support level at 1145.30. Both marks are confirmed by the DonchianChannel boundaries, Parabolic historical values and Bill Williams fractals. After one of the orders was executed, the second one can be deleted. Let the market choose the price direction.