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.
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.
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