XAUUSD - GOLD - Further decline?
It's finally Friday - Currencies still within that beautiful range! Great momentum was in precious metals & yields - 10 yr T Notes & Bunds!
I've been eyeing the 10 yr with Gold - Correlation aspects. It's something I recommend you analyse further in depth.
Now, Let's go back a little - DXY Been within that range, 10 yr diving lower, we had Precious metals diving down - for now consolation.
We have a wedge pattern:
If we breach towards up side areas to keep an eye on between: 1975 - 1990. If we were to go beyond above that trend-line up we would continue the bullish momentum towards the key resistance areas.
If we breach towards downward movement areas to keep an eye on between: 1915 - 1905. The trend-line up below further decline beyond 1870, you'd be looking towards the areas of 1840-1820.
Overall aspects on precious metals - Of course I am bullish long term overall but it doesn't mean I have the retail mindset of just buy now randomly. I still think we MIGHT have more room towards the downside to continue before we become very bullish towards precious metals long term. There are also many great intra-day trades available to take as well. Overall target long term 2000-2500
What commodities are at an interesting area as well is Copper!
Things to keep an eye on next week: Will the major currencies break out of there ranges? and fundamentally this weekend we have the talks of US & China trade deal. The open could be interesting, look out for any updates over US media coverage.
Remember: Just an idea, not a trade recommendation.
Hope you all had a prosperous week and have a great weekend.
Take care,
Trade Journal
It's finally Friday - Currencies still within that beautiful range! Great momentum was in precious metals & yields - 10 yr T Notes & Bunds!
I've been eyeing the 10 yr with Gold - Correlation aspects. It's something I recommend you analyse further in depth.
Now, Let's go back a little - DXY Been within that range, 10 yr diving lower, we had Precious metals diving down - for now consolation.
We have a wedge pattern:
If we breach towards up side areas to keep an eye on between: 1975 - 1990. If we were to go beyond above that trend-line up we would continue the bullish momentum towards the key resistance areas.
If we breach towards downward movement areas to keep an eye on between: 1915 - 1905. The trend-line up below further decline beyond 1870, you'd be looking towards the areas of 1840-1820.
Overall aspects on precious metals - Of course I am bullish long term overall but it doesn't mean I have the retail mindset of just buy now randomly. I still think we MIGHT have more room towards the downside to continue before we become very bullish towards precious metals long term. There are also many great intra-day trades available to take as well. Overall target long term 2000-2500
What commodities are at an interesting area as well is Copper!
Things to keep an eye on next week: Will the major currencies break out of there ranges? and fundamentally this weekend we have the talks of US & China trade deal. The open could be interesting, look out for any updates over US media coverage.
Remember: Just an idea, not a trade recommendation.
Hope you all had a prosperous week and have a great weekend.
Take care,
Trade Journal
Comment:
- U.S.-China trade deal review postponed as China ramps up farm, energy purchases -