Gold has had a great run up, with a nice price increase. Like most good runs (up or down) after a while, they need a breather and a healthy correction in price. This is a good thing. Good to see dips and buying opportunitie in trending markets.
While I see Gold going much higher this first quarter - the price of Gold is currently heading straight into some heavy daily resistance at the 1350 round number. This is a level where (in the past) heavy selling has come into the market to push price lower. Short-term selling opportunities might be best taken in this area.
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Click here for a larger image: https://www.tradingview.com/x/etbZdBng/
We can use this analysis to help us filter out possible trades in the USD-crosses. If Gold does move lower from here (wait for bearish price action to confirm) this could prove to be bullish for the USD related pairs.
At the time of writing this (Jan 16, 13:30 NZ time), the USD cross pairs are all still in SELL mode, wait for a change in the group as a whole, before taking any position!
Hope this helps Forex traders out there to make sound decisions.
Remember to always wait for confluence, confirming price action and an accurate risk calculation before putting your hard earned money on the line by getting into the market!
Know where to get in, know where to get out and trust your own analysis above that of a myriad of other opinions out there!
Any thoughts on the Forex markets? Leave your comments below - participation in this post is welcome!
I enjoyed this post, i started learning forex prior to being involved with Cryptos, but i think a similar technical analysis can be done with certian Crypto currencies. Have a look at Bitshares, i am currently researching the currency but it is supported by assets such as the price of Gold.
Ill look forward to more of your posts, and maybe we can do a collaboration of the analysis required for a digital currency and an asset.
SP
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Thanks for your comment. Indeed, anything that has a price that can be plotted on a chart can be analysed. This is also true for the various cryptocurrencies that are out there. Personally, I only focus on those crypto's that have a large market share. There is more money in those markets, thus any expectations from the technical analysis are much more likely to follow through due to the scale of market participants.
Glad this helped you in some way! Keep an eye on the channel for more updates.
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It seems that everyone's buying crypto's and people are just not interested in Gold anymore!
At least with gold, you can hold it in your hand...
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@originalworks
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