Open Account Trading Carries Risk
Analysis

Gold hit my T1 at 1780

Gold chart 11 15 2

Gold hit my T1 at 1780. I said yesterday how the FTX bankruptcy has created inflows into gold products. This dynamic helped gold to rally to my target level. Now upside in gold could be getting limited in the short term but technically the 8h uptrend is in force above the 1755 level. Below 1755 the market probably trades down to the 1722 – 1729 range.

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EN – Mobile 3

EURUSD chart 11 15 2

EURUSD trends higher and is bullish above the 1.0275 support. Below the level, the next support is at 1.0221. At the time of writing the market is breaking break above the 1.0360 level and if we see follow-through buying here the market could move to 1.0500 – 1.0520. A break below the 1.0275 support probably takes the market down to 1.0221.

USDCAD chart 11 15

USDCAD is in a downtrend still after a rally failure at 1.3306 level. I said yesterday that “If attempts to penetrate 1.3306 are rejected my downside target is 1.3220”. The failed attempt at the level means that my target is valid. If however USDCAD still rallies decisively above the 1.3306 level my upside target is at 1.3380.

USOIL chart 11 15

USOIL moved to 86.20 as expected and then much further. Now the market has created a lower high in the daily chart suggesting there’s a risk that the market moves below 84.50. However, until the break has happened the market is still above this support level. A decisive break above 85.20 would be bullish and open a way to 87.50 or so. A move below 84.50 would probably move the market down to the 83.20 region.

 The Next Main Risk Events

  • USD Empire State Manufacturing Index
  • USD PPI 
  • USD Retail Sales
  • USD FOMC Member Bullard Speaks
  • USD Philly Fed Manufacturing Index
  • USD Unemployment Claims
  • USD FOMC Member Mester Speaks
  • USD Existing Home Sales

For more information and details see the TIOmarkets economic calendar here

Trade Safe!

Janne Muta
Chief Market Analyst
TIOmarkets.com

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