Its been target oriented week for usd/cad and Aud/cad pairs and Now the focus from there shift after the news section settles down and we can see new cash flow in the Currency market as talk shift to Fed's september rate hike after upbeat Non Farm Payroll last Friday. I have prepared a report on Euro dollar, pound dollar and commodities.
Fibonacci Retracement levels for gold futures
Weekly chart of the Gold Futures refers to unfold correction and retracement levels towards 38.2% and If we see an rejection from here then probably we will witness a impulsive rally towards 1295 levels and from there we will see how price unfolds and If this assumption is right and we see a break below 1295 level and this will confirm the top and our next target would be 1250 and 1198 level in coming weeks. But we will have to be patient and wait for the price action to show some sign of top.
Read Gold futures price Chart and understand every move
Gold futures has some strong history and open interest at historic level where price had fakeout the bull rally and strong rally after clearing supply with every move was a clear signal of new buyers found there at level and that is what I try to mention in the chart and Video below will really help you understand the "law of open Interest" at historic price action level and Now we need further price action to see if Price has reached the motive or target smart money was looking for and I would post an update If we see another level of interest or trading opportunity.
ReplyDeleteForeign exchange trading is the simultaneous buying of 1 forex and promoting of every other. Foreign exchange is one of the most extensively traded markets in the world, with a total every day average turnover suggested to exceed $5 trillion an afternoon. It's one of the biggest and most liquid financial markets in the international, with unique currencies constantly being exchanged as individuals, agencies and businesses behavior global enterprise. The foreign exchange market isn't primarily based in a imperative location or exchange, so it is open 24 hours a day from sunday night time thru to friday night time.
Forex trading permits you to take advantage of price fluctuations throughout a extensive variety of currencies. Foreign exchange is always traded in pairs – for example aud/usd. You speculate on whether or not the fee of one united states's forex will rise or fall in opposition to the currency of any other united states of america, and take a function for that reason. Looking at the aud/usd foreign money pair, the first forex (aud) is referred to as the 'base currency' and the second foreign money (usd) is called the 'counter foreign money'.
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