Gold and Ethereum prices are set to push higher as the Dollar pullback after attaining July’s high. Price action traders will be looking to enter long after observing today’s daily closure.
Gold had a rough start to the trading week as bears took price all the way down to 1680 as the Dollar opened the week bullish. Despite this sudden move, bears were only able to print a hammer on the daily which is the least bearish candle in trading. With today’s daily closure expected to be another hammer, traders can expect higher Gold prices to end the week.
Many cryptocurrencies are starting to recoup the losses they faced this summer as prices start to edge higher. Ethereum was clinging onto support back in July as bears took price all the way down to the yearly low at 1730. Since then, bulls have dominated on the higher timeframe, and today’s hammer on the daily signals further upside.
The next step for traders is to find possible entry points into these long setups. A proper entry will often consist of confirmation provided by candlestick closures on the hourly time frame. Both trades will most likely be entered today and be held for the next couple of days.
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