In our Daily Trade Watch, we look at some high probability trade setups that we can trade throughout the day. Today, our advice is to look for Gold and Oil weakness. For a change, we have moved away from many of the Forex pairs that we traditionally like to trade. After yesterday’s price action and the news events due out today, we have decided to look for opportunities in the Gold and the Oil markets.
Gold
Starting with the yellow metal, we finally saw the breakout below Monday’s low after a few days of consolidation. So, continuation below yesterday’s low would give us a good opportunity to look for a selling opportunity.
Crude Oil
Moving on to the Brent Crude Oil market, we can effectively see the potential for a triple top over the last 4 months. This means that with yesterday’s reversal candlestick, we could get a good opportunity to sell this market below the 77.15 price point.
Elsewhere, we want to see a little more technical price action before committing to a trade signal.
Look for Gold and Oil Weakness – Full Analysis
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