Technical Trade Ideas

Gold could take out September low

Gold prices have risen along with equity markets today. But nothing has changed fundamentally to suggest it is going to make a major comeback yet. So I reckon it will head lower again after this latest bounce. Indeed, the very fact it has bounced ahead of its prior low makes it look suspicious to me. …

Gold could take out September low Read More »

Gold and silver likely to break out

Thanks to falling yields, precious metals are looking constructive again. Gold has rebounded after testing the $1810 support level for the past two days and it looks poised to break its bearish trend line around $1825/30 as it continues to make bullish price action beneath it: Silver has already broken from its falling wedge pattern: …

Gold and silver likely to break out Read More »

CAD/JPY could follow GBP/JPY lead and break higher

Thanks to ongoing risk-on and reflationary trades, stock and crude oil markets extended their gains on Thursday, while safe-haven Japanese yen and gold sold off. The USD/JPY was among the best USD pairs, while other yen pairs also rallied – most notably, the GBP/JPY thanks to a hawkish Bank of England. Investors are now looking …

CAD/JPY could follow GBP/JPY lead and break higher Read More »

EUR/USD short squeeze imminent?

There hasn’t been much to get excited over in FX over the past couple of days, but with vaccine optimism still the more dominant theme, the US dollar continues to be sold. If the trend continues, the EUR/USD is a candidate to look for long opportunities on, given that most people are bearish on it …

EUR/USD short squeeze imminent? Read More »

[Video] Gold set for breakout above $1920?

Following several failed attempts, gold looked set to break and (hopefully this time) hold above that long-term and pivotal level of $1920/1. In this video, I have provided my latest thoughts on gold, silver and the dollar index, and given some insights in how I manage trades. There’s something to learn from this video, even …

[Video] Gold set for breakout above $1920? Read More »

Some thoughts on silver

Have a look at this silver monthly chart below: A lot of people are presumably waiting for silver to get back down to re-test broken breakout area around $19-$20, before loading longs again. If silver gets there, it would be a bearish sign IMO and I would only expect a modest bounce there. Indeed, in …

Some thoughts on silver Read More »

USD/CAD set to resume lower?

The USD/CAD may be about to resume its bearish trend, thanks mainly to ongoing weakness or the US dollar and the rebound for crude oil boosting the appeal of the Canadian dollar. More to the point, there was a technical failure for the USD/CAD to hold its breakout above the key 1.32 handle on Thursday: …

USD/CAD set to resume lower? Read More »

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 …

Gold testing resistance Read More »

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 …

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