Update: 763 @ 07.01.2021 @ 10:45 AM (GMT+6)
Index: Greetings & Introductions, The Market Sentiment, The Inspirational Trading Quote, Trades update from GBPUSD, The Forecast for Gold metal and EURUSD.
Greetings & Introductions:
Hello Everyone! Welcome to my trading journal and greetings to you all traders, readers and fellow members of the forum meanwhile I am on frustration during this week because of lack of capital although I have started demo trading since the beginning of this year. The truth is that the forex trading is not a much easier thing as we think but its a bit complex business meanwhile every business you have to do hard work that I am trying to get recover my mistakes during trading.
The Market Sentiment:
As we expecting during on Christmas & New Year Holidays, the market was not stable as the previous year and previously I have mentioned this issue that due to the pandemic situation, everything has bee changed. There were lots of lockdown during this pandemic situation and these locks down have changed the news schedule. Yesterday the Dollar Index has moved to downwards and has made a record lower price after April’2018 and the price has created a support level at 89.18 price mark which should be broken the 88.00 price mark by next couple weeks if we won’t get the further good news of USD currency.
The Inspiration Trading Quotes:
The Forex trading is all about the knowledge that when/what/where you have to make a deal and close the deal with the desired profits. The very truth is that the Forex trading a complex business a little bit if you don’t get all knowledge about forex trading and its system.
The motivation or inspiration is playing a vital role to get success on Forex trading meanwhile 90% of traders are losing their capitals due to lack of Inspiration. Maximum traders giving up their trades whenever they see a loss on trading and closing their trades with the loss with a wrong decision. Whatever, the actual insight should be that the losing trend should be revert back during the session or by the next session if the trader has good equity and margin. If a trader keeps some inspirational quotes on their mind, they must get back from the losing streak and can grow up the account with huge profits.
You may state and explain your inspirational quotes through the below link:
The Inspiration Trading Quotes:
I have some current trades with the hot pair GBPUSD meanwhile yesterday my trades were floating with some handsome profits but I thought the price of GBPUSD should make some more bullish trend according to the USD Index. But due to some good data, the price of USD Index has pulled back its price to upwards and due to this reason and still, the price of GBPUSD looks bearish trend a little bit.
The USD Index looks not stable on the bullish way and it should be turned back to downwards again and it will push the GBPUSD to make a long bullish trend during this week, and for long term traders, right now I am looking forward here a potential buying opportunity with GBPUSD pair which should reach above 1.3700 price mark by this week.
The Forecast for Gold Metal (XAUUSD):
Headline: The Precious metal gold is trying to trade back the December region around $1850 price mark.
Yesterday, after 2 months the precious metal has reached near to the major resistance level around $1965 price mark which was exactly at $1958 level and after reaching that price, the price has pullback its price to downwards again. The Gold metal price has created a weaker support level at $1900 price mark. That short bearish pullback is inspiring sellers to put more sell from the precious metal gold which has done 0.10% intraday loss by yesterday.
In 4 hour time frame, the price of gold metal fully looks on bearish trend meanwhile the technical indicator zigzag is showing a bearish indication for coming sessions. The two months ascending trend has been pulled back to downwards again. But it should be noted that, there is more possible chance to see a further bullish trend from the gold metal because the USD Index looks attempting to make a long bearish trend which should push the Gold metal to cross over $1980 price mark by next week.
Technically, the $1965 mark should be tested soon meanwhile the price has done a correction to bearish trend just restoring the price below $1920 price mark and by this evening, the gold price may test $1905 price mark. Short term traders may make some selling plans for the gold metal but for long term traders, right now I am looking forward here a potential buying opportunity with the gold metal which should be reached above $2000 price mark by this month. But positive feedback from the USD currency may turn the Gold trend to bearish trend to trade below $1800 price mark.
The Forecast for EURUSD:
Headline: The EURUSD has moved to the bullish region around 1.2350 price mark.
The price of EURUSD has changed its trading region during the last session of yesterday and right now, the price of EURUSD is trading above the 1.2330 price mark. Yesterday, the dollar index has made a lower price again below 89.20 price mark which is the most lower price after 2018. But the Dollar index has pulled back its price to upwards again and today we may see some bearish trend from the EURUSD due to the hike price from USD Index. In coming days, the USD Index should pull back its price to downwards and its aiming to reach below 88.00 price mark very soon.
The upside new region has been started from the beginning of the week, and this region should be extended on coming days to 1.2500 price region. With the technical perspective, the technical indicators is showing the index to bullish trend meanwhile due to upcoming news of EUR and USD currency may change the direction of EURUSD pair. But overall, For long term traders, I am looking forward here a potential buying opportunity with the EURUSD pair which should be trading above 1.2450 price mark by this week.
In conclusion, attention to GBP currency lovers that we should remember that, we did not see the impact of EU-UK Brexit deal impact on Forex market meanwhile, the London session has been divided into two sessions named as pairs session and London session. The impact of EU-UK Brexit has not seen yet but anytime we may see a huge difference on the market and for this reason, GBP lovers should avoid big lot trading till coming couple weeks whereas it may make a huge impact on your equity or may be the reason to get the stop house.