Juan wrote:Hallo Lehmann
I am a newbie! And I like your view on Xauusd...
I posted a graph on the post Gold!
Would really like your comments??
Hi Juan, you asked me to comment and here is my humble opinion.
I have attached my graph in the GOLD Journal. and as you can see we have a fib point at 1075 and i have also added a former support & resistance line that have worked in the past at 1076. I am bearish on this one but have not entered yet. It could go either way from here, but most likely it will break to the downside because we are still in a downtrend. If it breaks up then i will be looking to short at either 50% fib at 1085 or the 61,8% at 1095 (rounded up) which also is very near the resistance line drawn from the 3 former tops in dec 2009, jan 2010 and feb 2010. I hope this makes sence.