Welcome to my trading journal. Good morning to all the members and visitors. I hope you all will be fine guys and enjoying your profit after yesterday's market movement
Gold prices continued to decline and again bounced near support but settled lower.The US Dollar Index traded steady at 90.554 in early APAC trade Wednesday, trading near 5-week highs as traders await the outcome of a much-anticipated US Federal Reserve meeting this week amid expectations that the central bank will continue to remain ultra-accommodative until the economy has further recovered.
Today's news events:
Today is the most important day of this trading week because there is some high impact news available, including USD and CAD currencies, that will cause high volatility in the market. So, check the enclosed scheduled news and make your plan according to it. I expect the USD index will go up in the New York trading session, so be careful.
Update of my running trade in gold:
I have opened a trade in gold with a lot size of 0.02. According to the gold daily chart trend, we can see that gold has broken the sideways channel and the price continues to fall. We expect the price of gold to continue to fall as long as it stays below the resistance of $1864. Today’s trading strategy is to choose short gold. Any retracement is an opportunity to sell. Additional resistance is seen near the 10-day moving average at 1,885. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) as the MACD (moving average convergence divergence) index generated a crossover sell signal.