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Hey Traders,
Price movement on December so far has been relatively muted even after the FOMC report and Trump constant threat of increasing tariff across the world. The FOMC report indicated a higher dot plan which pushed the equities market down. However on Friday, the PCE reported a lower number, bringing market participants back to reality that rate hike may not seem so near after all.
Upcoming Economic Release
S&P500 Futures
Price retraced sharp for the S&P500 index last week. However price found support at the 5910 region and recovered some of the movement it lost. If the support does not hold we can potentially see price trades towards 5725 region.
Dollar Index (DXY)
The United States Dollar Index trades back towards the recent high but was met with downside pressure as the week ended. Bullish momentum remains strong although at a slightly elevated level. Breaking out of the 105.535 support region can indicate more downside for the Dollar.
Spot Gold
Gold was trading range bound but broke out momentarily as price retraces back to support, now resistance level. If price trades back above 2625, we can see more range bound movement bewtween 2625 to 2715 region. However, if price breaks out of the 2560 region, we can potentially see more downside for Gold.
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Trade Analysis / Setups
Gold - Front Month (Analysis 52-1)
Analysis: Price broke out of the range bound support level but price looks to climb back to within range. If price indeed manage to trade back to within the range, we can look to enter long position upon retest confirmation at support level.
Long opportunity: Break and retest at 2590 region towards 2714 as Take Profit - 1 level.
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 14 Loss: 0 |
2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 13 Loss: 0 |
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