Updated: Sep 20
Hey Trainee Traders,
Covid-19 cases in the US are facing a small rise. The market is not worried with the positive news from Gilead. The impact of the virus on the economy has yet to be shown in the market.
Last week we talk about Gold being an attractive asset to go long and it has broken up towards the 1810 region.
Gold has now face a consolidation zone and a break of the indicated resistance / support can push prices further towards the direction.
Overall, gold is still overall bullish until the trendline is broken.
The S&P is now at the neckline of the previous recent high. the 3185 region would be an important resistance. If price breaks, we could potentially have a new high this week.
Dollar is also in a consolidation zone and is respecting the downward channel within the area. Break of the indicated resistance / support can push prices further towards the direction.
Last week we talked about the potential to go long at the support region as I believe the sideway pattern will continue. I have also given the cue to short and TP towards the support region.
We also discuss the opportunity to go long once the resistance level is broken.
In a consolidation period. we can short once the short term support region is broken and retested.
Pair has broken out of the resistance area and is in an ascending channel. we can look out for an additional long at the reversal of the ascending lower trendline.
We have also discussed to long GPBJPY and has reached the TP level. Pair has begun to retrace back due to profit taking. If price manage to return to the ascending trendline, we could see more upside for the pair. However if the short the support region is broken, we could see more downside.
That is all for this week. Trade safe and stay safe.