Trade Ideas: GOLD Breaks Up From Huge Bullish Fakey Signal & CRUDE OIL Breaks Down From Double Inside Bar Signal – August 7th, 2019
Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).
Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
GOLD – Huge Bullish Fakey Signal Triggers Huge Upside Move
Relevant Key Levels: Support at $1305-$1325, $1350, $1380, $1400 and $1450. Resistance at $1525
Current Notes: Price tests $1400 then bounces aggressively last week. The bias is still bullish whilst prices remain supported above the $1380 to $1400 key support levels. The strategy of choice continues to be buying on any pockets of weakness.
Potential Trade Idea: We will continue to consider buying Gold on any weakness OR on after a clear price action buy signal whilst price remains above the $1380 to $1400 short term support area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
CRUDE OIL – Bearish Double Inside Bar Signal Breaks Down
Relevant Key Levels: Support at $51.20, $54.00 to $55.00 Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: Price breaks down from a double Inside Bar Setup mid this week. A giant bearish fakey setup triggered late this week.
Current Notes: The bias is bearish whilst prices remain contained beneath the $57.50 to $60.20 resistance level. Price had collapsed lower several weeks ago after testing the $60.20 resistance zone.
Potential Trade Idea: We will consider selling short on any pockets of strength whilst prices remain below the $57.50 to $60.20 resistance area, targeting a move back to $54.00 and then $51.00.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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