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Commentary Disclaimer: This 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
Key levels: $1676, $1755 – $1764, $1790, $1816, $1823, $1852, $1861, $1874
Price Action: Yesterday, price moved higher from the Bullish Tailed Bar signal that had formed just above the $1755 – $1764 early this week. On Monday, price formed a bearish Pin Bar signal just under the $1790 key resistance level (We did not consider trading this signal as it had formed just above the $1755 – $1764 key support zone).
Potential Trade Idea: We are considering trading longs on a retracement lower to within the range of the recent bullish Tailed Bar signal, whilst price remains above the $1755 – $1764 key support range.
NOTE – You can trade Spot GOLD via the trading platform we use HERE.
CRUDE OIL – Futures
Key levels: $51.56, $53.81, $57.35, $59.16, $62.23, $63.73, $66.22, $67.94
Price Action: Earlier this week, price initially broke above the $62.23 – $63.73 key resistance range, but later in the week, collapsed on itself and closed back below that range. Last Wednesday, price moved higher and closed above the $62.23 key level, after breaking out from the Giant Multiple Inside Bar pattern that had been forming within the $57.35 – $59.16 key support range over the last two weeks (discussed in the previous members weekly newsletter).
Potential Trade Idea: We are still considering trading longs on a retracement lower to within the range of the recent multiple Inside Bar pattern (second chance entry), whilst price remains above the $57.35 – $59.16 key support zone.
NOTE – You can trade CRUDE OIL Futures 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.