You are here: Home > articles > Commodities > Trading Plan for Gold and US Dollar Index for June 21, 2017
Trading Plan for Gold and US Dollar Index for June 21, 2017
June 21, 2017 11:30 amVideo
Latest News
- Alphabet Q1 Earnings: Strong ad business but AI initiatives lag – Stock Markets April 23, 2024
- GBP/USD: trading plan for the US session on April 23rd (analysis of morning deals). The pound continues to decline April 23, 2024
- EUR/USD: trading plan for the US session on April 23rd (analysis of morning deals). The euro has shown rapid growth April 23, 2024
- EUR/USD. April 23rd. Bulls and bears are in balance April 23, 2024
- GBP/USD. April 23rd. The bears continue to attack April 23, 2024
- Gold edges lower as Middle East tensions ease April 23, 2024
- Slightly lower volatility across the board ahead of key US data – Volatility Watch April 23, 2024
- Technical Analysis – UK 100 index hits new all-time highs but rally may be cooling April 23, 2024
- XM Teams up with ‘Charity Right’ for Change April 23, 2024
- Technical Analysis – US 500 index rebounds off 2-month low below 5,000 April 23, 2024
- Technical Analysis – Is Tesla’s bearish spiral about to end soon? April 23, 2024
- Forex forecast 04/23/2024: EUR/USD, GBP/USD, Oil, SP500 and Bitcoin from Sebastian Seliga April 23, 2024
- USD/JPY: trading tips for beginners for European session on April 23 April 23, 2024
- GBP/USD: trading tips for beginners for European session on April 23 April 23, 2024
- EUR/USD: trading tips for beginners for European session on April 23 April 23, 2024
- Market Comment – Dollar pulls back, but yen hits new 34-year low April 23, 2024
- What do the smaller US surveys say about the US economy? – Special Report April 23, 2024
- Technical Analysis – NZDUSD bounces off a 5-month low April 23, 2024
- Hot forecast for EUR//USD on April 23, 2024 April 23, 2024
- Microsoft reports earnings as AI wars intensify – Stock markets April 23, 2024
Technical outlook:
Gold is looking to produce a bullish reversal today. Should it manage to close above $1,252.00 at least, the yellow metal would confirm the bullish scenario as well. Please note that a number of convergences is seen through $1,241/45 levels as depicted above. The fibonacci 0.382 extension of a counter trend is matching up the fibonacci 0.618 retracement of the trending wave. Furthermore, prices are also seen to be bouncing right from a 6-month trend line support as seen on the Daily chart (not provided here). A push through $1,257.00 would also confirm that the uptrend has resumed towards $1,390.00 levels at least in the weeks to follow. Immediate support is seen around $1,230 levels, while resistance is at $1,257 levels respectively.
Trading plan:
Remain long on Gold for now, stop is below $1,230, target is from $1,390 and higher.
US Dollar Index chart setups:
Technical outlook:
The US Dollar Index also seems to have completed its sideways consolidation structure around 97.80 for now. Moreover, the complex corrective structure a-b-c looks to be taking resistance from the fibonacci 0.382 levels as well, which is a typical co-relation for a wave 4 termination. If this wave count is correct and it comes to be true, we should see prices dropping lower from here and continue to print below 96.30 to complete wave 3 of a larger degree before resuming its rally. On the flip side, it the index pushes beyond 98.00/10 levels from here it would mean that the flat corrective structure is not complete yet and should terminate around 99.00 levels. In either case, we shall be looking to remain short (on rallies) going forward.
Trading plan:
Please remain short, stop is at 98.20/30, targeting below 96.30.
Fundamental outlook:
There are no major events for the rest of the day.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: