Forex Trade Setups Commentary: Spot Gold Finally Breaks Out of Trading Range, 23rd August 2012

Trading Setups / Chart in Focus:

XAUUSD

The Spot Gold market has exploded higher since we discussed the pin bar setup that formed back on August 15th in our members’ commentary. The previous 3-month old trading range that this market was stuck in has now clearly come to an end on this breakout, and traders can now watch for price action trading buy signals on any rotations back down to support. The support zone between $1630.00 – $1640.00 is clearly a significant support zone to watch for buy signals if price rotates lower down into it soon.

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Forex Commentary:

In the currency markets today, the euro gained ground for a fourth day in a row versus the U.S. dollar, moving to a seven-week high on the back of positive news about Spain’s borrowing costs.

The greenback was mixed against the other majors today, gaining on most but losing modest ground to the Japanese yen and Swiss franc, in addition to the euro.

Other Markets:

In the U.S. markets today, stocks lost ground as investors lost hope for stimulus action in the near-term from the Federal Reserve. Also, disappointing Chinese and euro-zone data weighed on the market.

The Dow lost 115.30 points, or 0.88 percent, the S&P 500 dropped 11.41 points, or 0.81 percent, and the Nasdaq lost 20.27 points, or 0.66 percent.

Upcoming important economic announcements (New York time): 08/24/2012

4:30am EST: Britain – Revised GDP q/q
8:30am EST: United States – Core Durable Goods Orders m/m

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