Gold/GBP - Bullish Cup&HandleIncredible.
Play it as you wish. For those who are already in position, its easy to just hold and ride it out.
XAUUSD trade ideas
Gold in pounds doubled against dollars since 2015 lowApproaching possible breakout area $GBPUSD, $GC_F, $XAUGBP
BREXIT ALERT: POSSIBLE BREAKOUT IN XAUGBPGold priced in British Pounds has made a tentative break today.
This is not necessarily a Gold trade, but a warning that the British Pound is weak, and a further breakdown is imminent. Gold is caught in a bullish Dollar's crossfire, but Gold relative to GBP is telling is that a substantial currency move may be coming.
The GBPUSD has been grinding support for weeks. Retail investors are bullish.
Today, there is evidence that the British PM has lied. She has refused to publish the full legal advice she received from the deal she signed.
We await the Bank of England's commentary tomorrow (Tuesday), but the picture does not look good for the GBP.
If support breaks imminently, I expect a 1-2 month downturn in GBPUSD, after which the market may find its footing, in anticipation of a clear Brexit outcome next March.
Gold Priced In GBPThis is an interesting chart. Gold priced in Pounds was rejected at the Hypotenuse resistance of a descending triangle, reflecting a bounce in the Pound.
This is a bearish formation and indicates either a) incoming extreme Gold weakness, or b) a period of possible GBP strength.
Since the fundamentals favor the Dollar, I am prepared to bet against its inversely-correlated asset -Gold, and that a falling Gold price in Pounds would reflect a mark down in a Dollar-denominated asset across the board.
Nevertheless, it is interesting that we are approaching a climax in the Brexit saga - news events could spark volatility at this juncture, and the Gold price in GBP is foretelling this.
Bears finding Gold in the woods XAU/GBP pairing
Admittedly the pound hasn't the the strongest, albeit terrible of late since brexit scaremongering was initiated.
Looking at the .618 fib for support or resistance to be found before assuming trend direction however this setup is looking fairly solid. typical market cycle, overbought conditions stretched to inflection point before making a move down. Looking at £840 levels for golds next stop where if support is found a bounce should occur to resistance. Sure gold is in scarce supply and the pound is weak however probability suggests that the pound will go up and gold down. this is the perfect combination for a short entry, more so than with a dollar pairing.
Basil
Gold/GBP - Brexit Traders Dream!Bullish longer term, waiting on confirmation from the charts to follow on from events in the political spectrum.
If you are a British citizen, you can buy gold (and silver) sovereign coins that are exempt from capital gains tax . With this amount of volatility, there is No need for margin/leverage trading.
"Capital Gains Tax is exempt on all British legal currency. This includes Gold Britannia coins , Silver Britannia coins, Gold Sovereigns, Silver Sovereigns. This means you can make an unlimited tax-free profit on investments of any size and value on ALL of these British legal currency bullion coins."
Trade on your own judgement. This is just to help you put the picture together and figure out what you might want to do when the deadline approaches.
XAUGBP and most other currencies except dollar - GOLD Holds upGold priced in Real Terms CNY . Stable then it should fall sharply
Fan of Gold*BRL, Gold*JPY, GOLD*RUB GOLD*TRY GOLD*ZAR
XAUGBP 4h chart - Beautiful pattern :)Now is a good opportunity!
Good retracement and near the Day chart level trend line(green dotted line)!
Stop loss - 979.934
Take profit - 933.116
Wishes everyone who seen this idea can earn money!
Good luck!
XAUGBP Bearish BatOh how I love bears and bats! This is looking like a great set up in the making. As always patience is key!!!! Wait for validation before entering this trade
Short XAU/GBPThis pair is in a corrective phase after a down move which gives me the reason to believe that it will make one more down move. In this case, the structure changes completely and might significantly bring XAU down in this pair.
Keep an eye on XAU/EUR which could mirror the move.
XAUGBP, bearish Shark in W chartXAUGBP, bearish Shark in W chart.
I did not expect XAUGBP is so bearish until I check the weekly chart.
Boom in UK gold exports distorts impact of BrexitBrexit
Boom in UK gold exports distorts impact of Brexit
Apparent rebalancing of economy since referendum driven by China demand for gold.
Telegram Channel :https://t.me/fiboking_hentakfx
XAU/GBPI wish there could be one more down move for this pair.
There was a formidable move down back in January. This is why my analysis suggests to sell each flag breakout for the price to create a zigzag move.
