Hey Trainee traders,
Market is still in a limbo as we see SP500 continues to trade in a range while the dollar continues to fall in value. Oil futures are struggling to stay above the 40+ dollars mark as well.
We could potentially see further recovery of the dollar if we break the 93.65 region towards the 94.65 region where it will be the next resistance and Fibonacci retracement 0.382 area, where we could look for a potential short if reversal is confirmed.
XAU/USD (spot gold)
Nothing can stop gold when it comes to the bull run this season. We can look to enter long upon break and retest of the resistance line with confluence of pattern (ascending triangle). otherwise we can look for a short when price moves below the trend line to the support level.
Reached our TP level and trade is closed.
Position closed reaching TP2 region. Big profit for this over 500+ pips.
We are now back to the previous support now resistance, if price forms a new bearish structure or moves back to below the trend line line we can look for a sell position, other wise look for a break and retest confirmation of the resistance line to enter long.
Expecting price to fall back towards the support region [trend line and horizontal] before looking out for potential reversal at these key area to take a long position.
Price is now at a recent high area where we could see a retracement towards the trend line and horizontal support region where we can take a long position upon reversal confirmation. Otherwise, we can take a long position upon break and retest of the resistance ozone at 140.00.
Potential short position upon break and retest confirmation of the current key area at 0.90 where we can TP1 at 0.89455 region and TP2 at 0.8864 region.
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That is all for this week. Stay safe and trade safely.