Gold - *RANGE BOUND* - Until it's broken. Will today be the day?
What a great pair to trade recently!
Let me explain why - Currencies have lacked momentum of volume. Even though, gold has been range bound the moves has been a lot cleaner on scalp trades including silver too. However, today will be very critical which us trades much pay attention. Jackson Hole Summit, Powell to speak today about monetary policies longer term and various other speakers too during the day.
I will not be trading today, one because well when it comes to speeches it's very unexpected it could go either way and unfortunately i don't have crystal ball to predict the next moves but with the help of technicals!... I will be waiting for what will be being said two things to keep in mind from my last DXY post and I will repeat here today: If it is like the Feds minutes, no changes that's hawkish. If there is further change and more easing etc. that's Dovish. It's important to hold discipline wait 5-10 mins see where the market is heading.
Gold, key trend-line up. I wanted to see how the day closed yesterday we at this top of the range area and as well as that key area, drop below this trend-line up we have the bears in further control, which further decline will have greater opportunities. BUT if we do go above this range and trend-line up I have key profit ideas and resistance areas. I have a non-bias approach as I have written many times in my posts and that's probably best way to approach the markets we are in a CB heavy mode, what they do or say will shift the markets dramatically.
Today keep an eye on: EURO, GOLD, SILVER, DXY, 10 YR Bonds & SPX.
Just a trade idea, not a recommendation.
Trade safe,
Trade Journal
Let me explain why - Currencies have lacked momentum of volume. Even though, gold has been range bound the moves has been a lot cleaner on scalp trades including silver too. However, today will be very critical which us trades much pay attention. Jackson Hole Summit, Powell to speak today about monetary policies longer term and various other speakers too during the day.
I will not be trading today, one because well when it comes to speeches it's very unexpected it could go either way and unfortunately i don't have crystal ball to predict the next moves but with the help of technicals!... I will be waiting for what will be being said two things to keep in mind from my last DXY post and I will repeat here today: If it is like the Feds minutes, no changes that's hawkish. If there is further change and more easing etc. that's Dovish. It's important to hold discipline wait 5-10 mins see where the market is heading.
Gold, key trend-line up. I wanted to see how the day closed yesterday we at this top of the range area and as well as that key area, drop below this trend-line up we have the bears in further control, which further decline will have greater opportunities. BUT if we do go above this range and trend-line up I have key profit ideas and resistance areas. I have a non-bias approach as I have written many times in my posts and that's probably best way to approach the markets we are in a CB heavy mode, what they do or say will shift the markets dramatically.
Today keep an eye on: EURO, GOLD, SILVER, DXY, 10 YR Bonds & SPX.
Just a trade idea, not a recommendation.
Trade safe,
Trade Journal
Remember: Just an idea, not a recommendation.