Weekly Price Action Setups & Key Levels | Sep 25-30

​My current active open trades: Silver, NZDUSD, EURUSD, AUDUSD (option), $Sber

Gold – MT Structure is Still Bullish (daily chart)
After bouncing off the key support zone between 1300-1310 that we talked about in prior commentaries, I’ve closed out my Gold long trade for a solid profit at the moment around the mid-1330’s.

The commodity stalled near 1340 and may want to re-test the 1300-1310 key support zone which is part of the long term corrective structure.

For now, MT the structure is still bullish while above 1300 and 1275 on a daily closing basis.

I’d still be open to another long should we get back to the key support zone with supportive price action. For now traders not already long will need another pullback there.

The MT target remains the same between 1350 and 1365.

gold price action analysis 2ndskiesforex

GBPUSD – Bearish Corrective Structure Still in Play (daily chart)
After a 3rd attack earlier this month on the key resistance zone near 1.3430, the Cable has maintained the bearish corrective structure between 1.2845 and 1.3430.

This structure and price action context suggests ST a range but MT a break lower is the more probable scenario. I’m looking to sell on the next trip up towards the top of this structure, however ST counter-trend traders should watch the key support level below for potential trade setups.

Hence I think the course for now is to ‘play the range’ until it breaks. Clearing the downside would open up a move towards 1.25 before technical bulls would likely emerge.

gbpusd price action analysis 2ndskiesforex

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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