Hey there Trainee Traders,
The reopening of the economy has seen an increase of coronavirus cases. Apple has also close some of their stores. Indices are now in consolidation phase and has a potential to break out towards the downside if the cases are not contained.
A break of the 2960 support region could lead to a downside towards the 2800 region.
Last week we discussed about gold could see more upside if the resistance level is broken and last week increase in fear has made investors turned some of their investment towards gold. Gold could now see more upside movement in the short to mid term level.
Last week trades are currently still running so there will not be a trade recap.
Currently in a consolidation phase, a breakout of the indicated level could poised more movement towards the direction.
A breakout of the support region could see more movement towards the downside. Similarly a breakout of the resistance level, could see more movement towards the upside.
Very similar setup as the GBP/JPY. Will be aiming the break and retest from either the resistance or support level.
That is all for this week. Trade safe and stay safe!