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Hey Traders,
NFP came in better than expected but unemployment rose in which the market reacted strongly towards to as revisions were also much lower and wage growth was surprisingly soft. The United States Dollar fell sharply upon the release but the move was slowly reversed along with a weaker stock market.
CPI and PPI will be the key economic release next week.
Upcoming Economic Release:
S&P500 Futures
The S&P500 index ended the week with another green but found resistance at the 5200 zone in which it closed the week back at the 5100 range. Price continue to look extended and unless that is a strong reason, the market look to buy every dip they find.
Dollar Index (DXY)
The United States Dollar slipped towards 102.40 where it found short term support and closed the week slightly above the support zone. Price can potentially trade towards 103.425 as a form of retracement. If price trades above the 103.425 region, more upside movement may potentially be seen.
Spot Gold
Gold broke out of the long term consolidation zone and traded higher 7 consecutive days, which can be seen as extended. Price may potentially retrace or consolidate where the next short to medium term price movement can be determined.
Trade Recap (Public Channel)
No updates
Trade Recap (Private Channel)
Palladium (Exclusive Trade)
Three positions were taken for this trade where we eventually closed the trades in profit, albeit the first trade did not reached Take Profit - 1 level. Overall trade is still a win.
Trade Analysis / Setups
WTI Futures (Front Month) (Analysis 11-1)
Analysis: Price fails to push higher multiple times and look to trade back to prior consolidation region. Price looks to fall towards the support level at 75.85 region and may potentially trade back towards the high of the range.
Long opportunity: Reversal confirmation at 75.85 support region towards 78.92 as Take Profit - 1 level.
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 2 Loss: 0 |
2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 6 Loss: 0 |
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Stay safe out there and safe trading!
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