Technical Trade Ideas

Gold testing resistance

Gold broke down on Friday as stocks rallied on the back of the much-stronger US nonfarm jobs report, which further fuelled optimism about the recovery. The dollar index closed higher, ending a run of losses. However, at the start of this week, the precious metal has started higher again on the back of a mixed …

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S&P at potential resistance after last week’s inverted hammer

Last week all the major indices created inverted hammer candles like this on the S&P 500: If you look at Nasdaq, DAX, Russell you will see similar setups. So, IF those were the bearish reversal candles and after this week’s bounce back into resistance range, then we should be looking for bearish setups. The SPX …

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USD/JPY arrives at key juncture

Despite ongoing risk off tone in the equity and commodity markets, the USD/JPY has been rallying sharply amid widespread dollar strength. But rates have now arrived at a key technical juncture. What happens next is important: a break above the resistance zone could pave the way for further sharp gains, while a rejection here could …

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EUR/USD dumped on ECB stimulus, Coronavirus

Following ECB’s decision to announce a massive, open-ended, €750 billion asset purchase programme in an effort to mitigate the economic impact of the virus outbreak, the EUR/USD has nosedived. Already under pressure because of a rallying US dollar, this package was the final nail in the coffin for the single currency. If it stays below …

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EUR/GBP hits resistance

The EUR/GBP has risen sharply over the past two and half weeks. Ongoing Brexit concerns have weighed on sterling while the euro has been supported by concerns the ECB will not loosen its policy like other central banks have this week in response to the outbreak of the coronavirus. However, with the virus spreading across …

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Gold rebounds but more pain than gains likely

Gold and silver have both rebounded today, along with equity markets. But after last week’s big falls, more pain could be on the way for gold bulls than gains this week. As we reported the possibility earlier last week, safe-haven gold continued to head lower despite widespread concerns over the outbreak of coronavirus. However, I …

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Gold about to turn lower again?

With risk assets rebounding off their lows this afternoon, safe-haven gold, which has stopped going higher over the past couple of days, could turn lower soon. If it does, this is one of the ways to potentially trade it short: This is somewhat similar to the short gold trade that was taken on Tuesday, which …

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