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Weekly Price Action Setups & Key Levels | Oct 18-23
GBPUSD – ST Bullish Structure With Base In (4hr chart)
After forming two major structural lows this month around 1.51 and 1.52, ST the cable is looking bullish with this latest attack on the 1.55 handle.
For now I’m remaining bullish while above 1.51 on a daily closing basis. ST there is a key support around 1.5375 which may hold on corrective pullbacks. Upside besides 1.55, 1.5645 would be the next target for bulls.
Gold – Pin Bar Off Key Resistance (daily chart)
Last week we talked about the bullish structure building in gold over the last few weeks. The key resistance level for us was 1156. We mentioned that if the level folded, we expected an attack on 1200.
To end last week, Gold formed a pin bar off this key resistance giving a great breakout pullback setup. Many of the members profited on this setup so congrats.
I’m staying bullish while the price action is above the 1156 resistance turned support and 1138 (where the breakout started). Only a daily close below the latter negates my ST bullish bias.
Upside look for 1200 and a potential move up to 1225 before the shiny metal pulls back.
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