Hey Trainee Traders,
Last week the S&P closed the week on the red for the first time in four weeks with a small pin bar. Price did broke out of the range but it was short lived. We could potentially see a retracement to the 50EMA, earlier which would be earlier than I anticipated.
S&P 500 Index
For Gold, we have talked about further upside upon the break of the resistance as shown last week. With bond yield being at all time low, it only makes sense for investor to pour money into Gold as a risk adverse asset in their portfolio.
We closed our long on the upper trend line of the channel.
Price has been respecting the 50EMA - 30mins meaning price movement is very strong. However, we are expecting a pull back to the trend line which the 50EMA - 4hr will rise to before going long.
Key support area has been broken and we can look to short upon the reversal of the trend line and support zone.
Last week analysis we talked about possible retracement or going long after confirmation.
We reached our TP2 level which was the recent high.
Last week analysis, we talked about going long upon the break and retest of the resistance area of the recent high.
Likewise, we reached our TP area at the recent high.
price is now at key support area. Long opportunity upon reversal in the shorter time frame. If support does not hold. we will look to sell upon retest in the shorter time frame.
If price continues it's bullish momentum, we can look to enter long upon the retest of the resistance turned support area as shown below.
Price is now at the neckline of the double bottom pattern. If neckline resistance does not hold, we can look to enter long upon the retest of the neckline resistance turned support area.
That is all for this week. Trade safe and stay safe.