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GOLD – Gold continues to trend higher following fakey buy signal
The Gold market continued moving higher last week as the uptrend remained firmly in place. Note, the bullish fakey buy signal which we recapped in our September 1st commentary has now led to significant gains for anyone who traded it. We remain very bullish on Gold and will look to buy it either on a price action confirmation signal or on a blind entry from support near 1300.00 – 1295.00 or the 21 day EMA this week following a pull back. Traders who are long can look to target long-term resistance up near 1370.00 – 1400.00 area as we expect this uptrend continue at least up into that area.
Here are some important points to understand about the current uptrend in Gold:
- The swing higher we are currently seeing began in early July as price bounced aggressively from 1200.00 key support area.
- Price broke and closed above key resistance near 1295.00 two weeks ago following a series of coiling inside bars just below that level, which led to a false-break to the downside and ultimately a bullish fakey buy signal that propelled price higher.
- To learn more about the gold fakey setup that led to this recent swing higher, checkout this Trading Video On Gold I just recorded.
AUDUSD – Aussie/dollar buying opportunity continues
The AUDUSD moved higher last week as the uptrend continued. Price recently bounced up from key support (which was old resistance) down near 0.7800 after retracing back to that area. We see the potential for this market to continue higher in the coming days and we will look for price action buy signals on the 1 hour, 4 hour or daily charts on any weakness or pullbacks to support.
GBPUSD – Sterling/dollar explodes higher following pin bar signal
The GBPUSD surged significantly higher last week as price easily broke above 1.3000 resistance. Note, price has pushed higher following the pin bar signal from August 31st, which we discussed as a buying opportunity in our members trade setups newsletter that day. The uptrend remains intact in this pair and we could see more upside movement in the days and weeks ahead whilst price is above 1.2850 – 1.2770 support zone. Traders can look for price action buy signals this week on pullbacks down towards 1.3000 near-term support.
EURUSD – Euro/dollar bullish trend intact as buyers push prices higher
The EURUSD continued higher last week and we remain bullish on this market in the near-term. However, price is approaching a band of strong long-term resistance up near 1.2000 – 1.2300 area that could slow down the current uptrend. We could see some short-term consolidation near current levels but we still favor the long side, however, we will remain cautious at this major resistance area (zoom your chart out to see it). Traders can still look for price action buy signals from nearby support levels following any pullbacks in the coming days.
Crude Oil – Crude Oil trapped in trading range, looking for sell signals from resistance
The Crude Oil market remains range bound and we can see price sold-off from the key resistance zone of the range near 48.85 – 50.20 last week. We see the potential for price to rotate lower this week and re-test support near 45.50. We prefer to be sellers of Crude Oil this week from resistance around 50.20 – 48.85 in anticipate of it moving into key trading range support near 45.50. Check our members daily market commentary throughout the week for on-going updates on Crude Oil and other markets.
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