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
- Forecast for EUR/USD on July 25, 2023 July 25, 2023
- Forecast for GBP/USD on July 25, 2023 July 25, 2023
- Forecast for AUD/USD on July 25, 2023 July 25, 2023
- What events may affect market sentiment on July 25? Overview of fundamental events for beginners July 25, 2023
- Trading plan for GBP/USD on July 25. Simple tips for beginners July 25, 2023
- Trading plan for EUR/USD on July 25. Simple tips for beginners July 25, 2023
- The ECB Governing Council says inflation is still high July 25, 2023
- Weak PMIs are bad for the euro and pound, but not for the dollar July 25, 2023
- AUD/USD. Shorts are doubtful, longs are unreliable: Aussie finds itself in a precarious state July 25, 2023
- July 24, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective. July 24, 2023
- July 24, 2023 : EUR/USD Intraday technical analysis and trading plan. July 24, 2023
- USD/JPY: 141.92 key obstacle July 24, 2023
- AUD/USD attracts more sellers July 24, 2023
- July 24, 2023 : GBP/USD Intraday technical analysis and significant key-levels. July 24, 2023
- Bitcoin: larger drop activated July 24, 2023
- Ethereum extends its sell-off as expected July 24, 2023
- Technical analysis on EURUSD for July 24th, 2023. July 24, 2023
- Ichimoku cloud indicator analysis on Gold for July 24th, 2023. July 24, 2023
- Bitcoin starts the week under pressure. July 24, 2023
- USD/CHF: bullish formation confirmed July 24, 2023
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: