Trading Setups / Chart in Focus:
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GBPUSD – Sterling/dollar approaching key support, watching for buy signal
The GBPUSD has fallen significantly lower over recent weeks and is now fast approaching the key support level / chart event area down near 1.6700. We could easily see a bounce higher of several hundred pips from 1.6700 area if we get an obvious price action buy signal there. We will be waiting for an obvious price action signal from that level and we will keep you updated in the members commentary and forum in the coming days if a potential entry signal forms.
Gold – Gold pin bar sell signal could lead to lower prices
The spot Gold market formed an obvious daily chart pin bar sell signal on August 8th that could lead to a move back down toward support near $1283.00. We will look to be sellers between $1312.00 – $1323.00 region if price retraces slightly higher soon, and we will remain bearish biased until we get a convincing close above $1323.00 resistance.