XAUUSD (gold) has reached our next target just above $1,900.
I wrote about this area in the May 20th commentary, along with the more significant $1,960 level.
Given the way XAUUSD is refusing to back down, I wouldn’t be surprised to see a breakout above $1,910 in the coming days.
That said, keep in mind that $1,900 to $1,910 is a minor area compared to $1,960.Continue Reading
Most of the Forex market remains at a standstill.
There’s no shortage of volatility, but if you’re a directional trader, you’re likely finding it incredibly difficult to identify those “A+” setups.
However, one pair that still has some direction is GBPUSD.
I discussed the pound as it was testing the 1.4000 resistance level.Continue Reading
On February 5th, I wrote about a potential 500-pip buying opportunity on GBPJPY.
The pair was coming out of a broadening wedge from the 2018 highs and looked determined to reach the 155.00 region.
That 155.00 area is a confluence of resistance as it’s the intersection of a multi-year trend line from 2007 and a key horizontal level.
At the time, GBPJPY was trading at 144.75.Continue Reading
Last week, I discussed how XAUUSD (gold) was testing the top of a long-standing descending channel.
In many ways, this pattern hinted at a bull flag starting from the 2018 lows.
That’s when XAUUSD started its parabolic move from $1,160 to $2,075.
With gold now firmly above the $1,850 area, it seems buyers are willing to push the envelope.Continue Reading
The EURUSD is breaking out today after churning higher from the 1.2000 support level earlier this month.
The pair had some trouble at 1.2190 last week, but today’s session appears to be on track to close above it.
Keep in mind that we still need a 5 pm EST close above 1.2190 to secure the breakout.
If buyers do it, the 1.2190 region should flip to support.Continue Reading