Gold continues higher after recent buy signals [Video]

Jason Sen DayTradeIdeas.co.uk

Gold made a Sunday opening low exactly at first support at 4322/4317 .

Shorts at strong 5 month trend line resistance at 4355/4360 then worked perfectly on the retest of first support at 4322/4317 for a 450 tick profit.

Longs here also worked perfectly for the second time yesterday as we made a low for the day exactly here & shot higher again for another 450 tick profit.

The break above the resistance at 4355/4360 in late evening was a buy signal to test the 100 day moving average at 4389.

I told you not to try shorts as I thought we would continue higher.

The break above 4394 was another buy signal targeting 4421/4425 and we reached 4434 over night.

We keep buying Gold at support levels & on breakouts above resistance and this strategy is working so well.

Bulls will want Gold to hold the 100 day moving average at 4390/86 today to target 4495/4500.

A break below 4382 however risks a slide to a buying opportunity at 4370/4365 & longs need stops below 4360.

Just be aware that a break below here can target another buying opportunity at 4340/4330 & longs need stops below 4320.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

GBP/USD flirts with 1.3500 as USD finds fresh demand

GBP/USD is flatlining near the 1.3500 level in Europe on Tuesday, facing some pressure from renewed US Dollar demand as a safe-haven amid surging Oil prices and inflationary concerns. The focus now remains on the Middle East headlines, with Wednesday's US CPI data the key event risk this week.

EUR/USD stays weak near 1.1550 amid US-Iran impasse

EUR/USD struggles to gain any meaningful traction and hovers near the 1.1550 area in the European session. Traders seem hesitant to place aggressive bets and opt to wait for further developments surrounding the Middle East crisis and this week's release of the latest US inflation figures.

Gold off two-month highs, back below $4,400 amid surging Oil prices

Gold retreats from its highest level since June 5 at $4,435, touched earlier this Tuesday, and slides back below the $4,400 mark in European trading. Surging Oil prices, amid the US-Iran impasse on talks to reopen the Strait of Hormuz, rekindled inflation concerns, lending support to the US DOllar at the expense of the non-yielding bullion.

Pi Network holds at key support as broader market declines

Pi Network steadies around $0.08745 after two consecutive days of losses, capped below the $0.1000 psychological threshold. Retail demand in PI derivatives remains firm, with Open Interest above $9 million, even as broader crypto market sentiment wanes. Technically, PI faces a steeper correction, as it lacks upside momentum to support a near-term recovery.

The inflation narrative is still way more important than the employment story

Core bonds sold off yesterday with the belly of the curve slightly underperforming in the US while European curves showed more of a bear flattening. Daily changes on the US curve varied between +4.7 bps (2-yr) and +6.4 bps (7-yr).

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.