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Disclaimer: This newsletter should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.
GOLD – Spot
Price Action: A Giant Fakey Setup + Bearish Pin Bar Signal formed just under the $1834 – $1845 short-term resistance zone overnight, in line with the mid-term downtrend (zoom out to see). There is a short-term support zone between $1792 – $1798, and price could collapse if it breaks down below that zone.
Potential Trade Idea: We are considering trading shorts on a retracement higher to the 50% range of the Giant Bearish Pin Bar Signal (Part of the large bearish Fakey Setup), whilst price remains under the $1834 – $1845 short-term resistance zone.
NOTE – You can trade Spot GOLD via the trading platform we use HERE.
SPI 200 – Cash
Price Action: Price just started to move higher from the Inside Bar pattern that had formed just above the 7380 – 7402 short-term support zone, earlier this week. On Monday, price surged higher from the prior Inside Bar + Pin Bar combo pattern that had formed just above the 7380 – 7402 short-term support zone, late last week (Mentioned in the weekly newsletter – August 3rd, 2021 ). Price recently broke out above the short-term consolidation range that had formed between the 7168 to 7402 levels.
Potential Trade Idea 1: We are still considering looking for longs on a pullback to around the prior Inside Bar breakout area, whilst price holds above the 7380 to 7402 key support zone.
Potential Trade Idea 2: For more aggressive traders, we are considering trading longs on a breakout above the current Inside Bar pattern. In which case, there will be a need to use much wider stops.
NOTE – You can trade SPI200-Cash via the trading platform we use HERE.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.