In today’s live trading session, we spoke about Gold’s journey to 1800 as well as trade setups for CADJPY and NZDCAD.
Back in December 2019, RP Forex made a bold prediction that Gold would reach at least $1800 by the end of 2020. Fast forward to today, and Gold has already hit 1796. At the time of the prediction, we had no idea that a pandemic was looming and that a global recession was on its way. Luckily, it all worked out in our favor. We believe that a solid weekly or daily close above 1800 could open up the possibility for $2000 to be a year-end target.
Aside from our bullish bias for Gold, we have determined a bearish bias for CADJPY. Since the start of the week, we have been eyeing this trade down. A bearish 4hr candle closure later today could provide us the entry we need to short this pair. On the flipside, NZDCAD is developing a possible entry to go long. This pair has cleared significant previous highs and fundamentals are looking to push the price even higher.
With eight setups plotted and analyzed in today’s session, we are set to get a few solid trades in. We hope everyone is having a great week thus far, as the best is yet to come. As always, be safe and trade responsibly!
Directory:
- Sign up for a Free Membership.
- Login to watch full recorded webinars in our Forex Trading Room.
- Chat with our traders in the Community Discord Server.
- Read yesterday’s breakdown: Positive USD Manufacturing Data + EURUSD Short?
- Get the VIP Membership with code FIRST50 at checkout for 50% Off your 1st month
- 14 Day Risk-Free Trial.
