[Week 47 - 2024] Trades Recap and Trade Setups

Hey Traders,

With the uncertainty of election over, new uncertainty emerges on tariffs, elevated P/E and rising yield. Commodities also took a beating with oil trading back to key support level while agricultural product traded lower.

The upcoming week will be focused on PMI reports from both the US and Euro region.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 closed the week lower, closing at minor support region at 5,900 region. Bullish price trend remains strong but price is beginning to show sign of weakness with weak upside and frequent downside and retracement. However, bearish trend can only be confirmed if price trades below 4950 region.

Dollar Index (DXY)

The United States Dollar Index closed sharply higher at 107.025, previous high level. Price can be seen at an elevated level and may begin retracement or consolidation.

Spot Gold

The extended level of Gold price continued to face retracement, closing sharply lower in the week prior. Price looks to continue trading towards to 50 weekly period exponential moving average, currently targeted at the 2430 region which is also high level of the previous consolidation zone.

Trade Recap (Public Channel)

Gold (Analysis 45-1)

Prior week (Week 46) Take Profit - 3

High risk short at market reopening position reached Take Profit - 3 level where we announced to close fully.

Trade Recap (Private Channel)

No Updates

Trade Analysis / Setups

EUR/CAD (Analysis 47-1)

Analysis: Price has broken out of the consolidation region with a sharp movement from the top. Momentum can be deemed overextended and a reversal at the 1.49122 region can lead to further downside movement.

Short opportunity: Reversal confirmation at 1.49122 region towards 1.48247 as Take Profit - 1 level.

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2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 11 Loss: 0

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