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Hey Traders,
November euphoria was showing through out the week with a better than expected Non-farm payroll report and with most US Indices breaking new high and most notably the Russell, which rose over 6% last week. Gold also climbed with the yield falling, increasing over $50 last week.
Upcoming Economic Release:
Dollar Index (DXY)
The dollar consolidates around the key resistance level at 94.65, attempting to breakout of the resistance. However if price were to fall below 93.67 region, price can potentially head towards the next support level at 93.04.
Spot Gold (XAU/USD)
Benefitting from the fall in yield throughout the week. Gold rebound from the support level at 1760 region and ending off the week with an increment of over $50 from the recent low at 1760 and on track to reach 1830 region.
The 1830 region is also the region of the descending trend line which is the key level traders should look out for.
Trade Recap
Spot Gold (Exclusive Trade)
Recap (Week 44 - Last Week) Take Profit - 4
Long at market position reached Take Profit - 4 level where we announced to close fully.
Trade Analysis / Setups
GBP/USD (Analysis 45-1)
Long opportunity: Break and retest confirmation at 1.35074 region towards 1.3558 as Take Profit - 1 level.
GBP/JPY (Analysis 45-2)
Long opportunity: Breakout confirmation at descending trend line towards 154.66 as Take Profit - 1 level.
NZD/CAD (Analysis 45-3)
Long opportunity: Break and retest confirmation at 0.88837 region towards 0.8949 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 0.88235 region towards 0.87778 as Take Profit - 1 level.
Cotton No.2 - Front month (Analysis 45-4)
Long opportunity: Break out confirmation at descending trend line towards 119.52 as Take Profit - 1 level.
Soybean Oil - Front month (Analysis 45-5)
Long opportunity: Break and retest confirmation at 59.65 region towards 61.44 as Take Profit -1 level.
Short opportunity: Break and retest confirmation at 59.01 region towards 57.27 as Take Profit - 1 level.
Cheers to all our member who managed to pack some profits this trading week.
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Stay safe out there and safe trading!