Trade Ideas: GOLD Bullish Fakey Triggers After $1400 Support Holds & CRUDE OIL Bearish Fakey Triggers After False Break Of $57.50 Resistance – August 2nd, 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 Triggers After $1400 Support Holds.
Relevant Key Levels: Support at $1305-$1325, $1350, $1380, $1400. Resistance at $1450 area.
Price Action: Giant Bullish Fakey forms on gold, after prices false broke down from an inside bar setup to test $1400, then bounces aggressively higher back above the mother bar.
Current Notes: The bias is still bullish whilst prices remain supported above the $1350 to $1380 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 a price action buy signal whilst price remains above the $1350 to $1380 short term support area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
CRUDE OIL – Huge Bearish Fakey Triggers After False Break Of $57.50 Resistance.
Relevant Key Levels: Support at $51.20, $54.00 to $55.00 Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: The prior Inside Bar Pattern had false broken up and broke down aggressively, triggering a bearish fakey setup late this week.
Current Notes: Price had collapsed lower several weeks ago after testing the $60.20 resistance zone (Prior Event Area). The bias is bearish whilst prices remain contained beneath the $60.20 to $63.20 major resistance zones.
Potential Trade Idea: We will consider selling on any pockets of strength whilst prices remain below the recent fakey setup (Event 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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