In today’s live trading session, we went over the status of the signals that were called yesterday. We then went over a possible buy scenario for Gold (XAUUSD).
During yesterday’s session, we noted the short-term presence of buyers surging back into the US Dollar. In light of this development, we were able to call three signals to take advantage of this. The trades were a long for USDJPY and shorts for AUDUSD and GBPUSD. In total, these three trades went as far as +150 pips into profit with an average gain of around 80-100 pips depending on when members took profit.
This morning the US Dollar printed bearish results for its medium impact fundamental news. Unemployment claims came in at 1.1 million claims versus the forecast of 920,000. The manufacturing index also came lower at 17.2 versus a forecast of 21.0. In terms of technical analysis, the US Dollar Index is set to retrace back down to 92.55. This is why we are looking at the possibility of buying Gold, but only if it clears yesterday’s high.
With a day and a half left in the trading week, we are looking to get in one or two more trades to end of the week strong. We are hopeful that we can get in long for Gold or short for USDCAD. Besides, in twelve hours from now, we will have a slew of major European fundamentals being released. It may be the best practice to avoid trading during that time. As always, be safe and trade responsibly!
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