forexTrdr #SundaySetups- XAUUSD - GOLD FINGER BEATEN AGAIN?
Afternoon traders,
We hope you are enjoying the long bank holiday weekend with both UK and US markets closed on Monday we would expect a slow start to the trading week with Monday being somewhat non-existent in terms of volumes and volatility. For this weeks SundaySetups we have taken a look at Gold versus US dollar.
On our trading view 4 hourly chart you can see a clear descending trend from the short lived highs of early February at 1344 with a series of 4 lower highs down to the current range supported by 1268 area on the downside and capped by resistance around 1290 on the upside.
What we are highlighting here in our chart is that should the current trend continue we should see a short term move down to 1270 area before a potential retest of 1290 and then a break lower down to supports around 1245 to 1250.
The market however has been extremely volatile over the past two weeks with risk sentiment extremely indecisive due to US and China trade talks having gone from expectations of a deal to be completed in a week to both sides increasing rhetoric in an escalating war of tariffs. Stocks have spent the last two weeks being down 1% one day only to pop back up another 1% the next day. All of this making markets extremely difficult to trade and suggesting it is best to trade short ranges in a defensive manner rather than medium term swing trades.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Metatrader and most broker platforms.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
We hope you are enjoying the long bank holiday weekend with both UK and US markets closed on Monday we would expect a slow start to the trading week with Monday being somewhat non-existent in terms of volumes and volatility. For this weeks SundaySetups we have taken a look at Gold versus US dollar.
On our trading view 4 hourly chart you can see a clear descending trend from the short lived highs of early February at 1344 with a series of 4 lower highs down to the current range supported by 1268 area on the downside and capped by resistance around 1290 on the upside.
What we are highlighting here in our chart is that should the current trend continue we should see a short term move down to 1270 area before a potential retest of 1290 and then a break lower down to supports around 1245 to 1250.
The market however has been extremely volatile over the past two weeks with risk sentiment extremely indecisive due to US and China trade talks having gone from expectations of a deal to be completed in a week to both sides increasing rhetoric in an escalating war of tariffs. Stocks have spent the last two weeks being down 1% one day only to pop back up another 1% the next day. All of this making markets extremely difficult to trade and suggesting it is best to trade short ranges in a defensive manner rather than medium term swing trades.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Metatrader and most broker platforms.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
Trade active:
smashing through out take profit 3 after selling at 1284.7
