Updated: Sep 20
The indices continues to break its record high especially the tech heavy NASDAQ while the S&P lags just a bit. Oil continues to struggle to keep the momentum up however I still remain bullish in the long term.
Price reached our initial TP2 level however we closed the trade way too early just around TP1 level.
The dollar is still now in a range. We now await for more confirmation.
Await for trendline break and retest before going long towards the resistance level (93.9~).
Await for horizontal support break and retest before going short towards the support level (92.5~).
Await for break and retest of resistance (93.9~)before going long towards the resistance level (94.5~)
Await for break an retest of support (92.5~) before going short towards the support level (91.8~)
XAU/USD (spot gold)
Previously we talked about looking out for reversal at Fibonacci Retracement area for potential short position as there are multiple confluence that price is weakening.
We reached our TP2 with huge profit this week.
We await for multiple possible scenarios:
1. long position after reversal confirmation at trendline
2. long position after break and retest of resistance line
3. short position after break and retest of support line.
higher risk trade:
4. short position after minor support break (125.9~) and retest confirmation towards trendline as TP1 / support level as TP2.
5. long position after reversal confirmation at horizontal support (124.27~)
Long position after reversal confirmation at support level (80.145~)
Short position after break and retest confirmation at support level (79.92~)
Break and retest confirmation of resistance (trendline and horizontal) (0.9509~) before going long
Break and retest confirmation of resistance (0.95655~) before going long
Break and retest / reversal confirmation at support level (0.94275~)
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