In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we take a close look at the Gold Market and the US Crude Oil market (i.e. Yellow Gold and Black Gold). In some choppy market conditions at present, these are two markets which do stack up for us. However, this is only the case if these markets achieve certain prices.
Looking at the Gold market, we have seen a strong move higher recently followed by some significant consolidation followed by some selling. However, this selling ran into some support around the $1276.50 level. Therefore, we need to see prices break below this level to really get us interested in selling because it would also constitute a structural failure to the downside.
Looking at the US Crude Oil market, we can see significant resistance around the 54.44. Again, we would need to see prices break above this level for a buy trade to become a higher probability trade.
Yellow Gold and Black Gold – Full Video Analysis
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