How are you guys? The busy week is over and the market is now closed. How much you are enjoying your weekend mates. Yesterday as per my analysis gold fall significantly. I was correct about my trading plan on gold. Because I had seen a bearish trend in gold yesterday after breaking 1830 level. Who is enjoying profit with my yesterday's plan? Let's review the market conditions and trades etc.
Yesterday I had open sell order from the 1822 level. Now the gold price is close at 1833 and giving me an $83 profit. Frankly, I try to improve my trading strategy with demo practice. Last week's performance was so good. As you can see I haven't close my trade with an $83 profit. Because I know that the US dollar will reach 92.30 level by next week. So all USD pairs will fell badly.
The price for the pair, today, is executing a corrective movement, and the bulls have reached the level of 42000 so far, and will probably reach resistance 42225 if the descending trendline of the triangle does not stop on the D1 timeframe. The next decline in the American currency is, rather, of a technical nature, and the southern trend will not last long.
Therefore, in the short term, I expect a further decline in quotes on the instrument, to the next target of sellers, support at 39000. I am considering short-term purchases within the correction, where the target can be the resistance level of 43000. After it will fall down.
The US dollar pair was able to close Friday with growth, and almost reached the resistance level of 74. The upward trend, although a little slowed down, is still relevant. next week it is necessary to break through and gain a foothold above 92.30 and continue moving towards 92.35. The decline can develop after the support pass in the area of 91.90. In this case, the downside movement may strengthen up to stronger support at 92.85. But so far, fundamental factors speak for a decrease in the ruble in the medium term.
I have running positions of crude oil buying from the level of 1822, and the price of gold hit the lowest level Friday at 1809. Also, the price behavior yesterday was a bearish behavior, where the price moved in a downward wave. This trade is currently closed with $83, but I have set a profit target of a few points.
In my personal opinion, for the gold metal pair in the next trading week, we can see the price movement within the upward trend. First, we have a long-term bullish trend. Secondly, the corrective movement, which was necessary, has already been carried out, as a result of which there should now be an increase.
An alternative scenario for forecasting the movement of a gold pair is a sideways trend, due to which market quotes may again knock on the support level at the price mark - 1808. There was a hike of sellers to the support level at the price mark - 1802.
I expected that the pair will start moving up today since the price was at the lower border of the inverted triangle, but it does not work out so far with the growth and while the price beats against the lower border of the triangle, but I hope that the pair will turn around and start moving up, to the upper border of the triangle, this is the level of 93.27, which in the future the pair will break upwards.
I have not to close my trade yet. I'm expecting a bearish channel. My trade is gloating with $43 profit. I will not close this trade before breaking the 1805 level. On this level almost I will get a lot of profit. So let's what happen with US dollar and gold.
During the daytime session, the Canadian dollar continued to strengthen against the US dollar. The pair is trading below last week's closing levels. The main catalyst for the pair's decline is the weakness of the US dollar against the basket of major currencies. Also, the Canadian receives support from rising hydrocarbon prices. For this currency pair in the future during the day, a moderate upward correction is quite possible, but then I expect the downtrend to continue.
The pair is being traded under the complete control of the bears. The estimated pivot point is at 1.2745, I will sell below this mark with targets at 1.2855 and 1.2825. Alternatively, the dollar / Canadian pair will begin to grow, break through the 1.2645 mark and consolidate, then the pair may go to the levels of 1.2675 and 1.2785.
If we discuss about the US dollar we didn’t manage to start moving down last night, the price continued to decline. The USD did not reach the upper border of the descending channel and is trying to reverse. Therefore, there may be no decline and the price will start moving up. The target is still the same, this is the upper border of the inverted triangle, this is the level of 92.94.
According to my mind discussion I have closed my gold trade in $122 profit. Because gold can make a bullish channel again. So that's why I have close my trade. Today gold's price was sideway. And not break any support and resistance.
Yesterday we got a zigzag Í4 on the chart during the decline. However, looking at the high-low of the H4 zigzag, I note that the upward dynamics remains in pair. Now, it is realistic to break through the obtained minimum of 0.7186 and go to test the support level of the lower boundary of the ascending channel, and in my opinion.
Then the H1 time, here the price did not reach the calculated decline point a little, the M30 MACD indicator has long given a buy signal. In general, the shorts do not bring much profit and joy so far. Today the price is likely to rise again and the last high will be updated. There is a major uptrend and a local uptrend. For the south, you need to break through the local one and enter the cloud.
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