Trade ideas – Sell setup on Gold
Joe runs through his current analysis on Gold (XAUUSD) and highlights a potential scenario to set fresh short trades.
Multiple time-frames have been used to form the short bias and the execution is taken on the H1 chart.
Here is the video.
Latest news on precious metals as of 2nd October 2019.
Oil prices were again undermined by demand concerns on Tuesday, especially after the much weaker than expected US ISM data.
Crude declined for the sixth successive session with WTI dipping to 4-week lows below $53.50 p/b.
The API data recorded a 5.9mn barrel inventory draw which triggered a tentative rally in oil prices with WTI rallying to $54.30 p/b on Wednesday with Brent around $59.40 p/b.
Gold remained under pressure ahead of Tuesday’s New York open with 8-week lows close to $1,460 per ounce as the US dollar remained strong.
There was a significant reversal following the US data as a dollar slide and fresh increase in risk aversion provided renewed support for precious metals. Gold rallied to near $1,485 per ounce before fading to near $1,475 on Wednesday as gains attracted long liquidation.
Silver also bounced from lows below $17.00 per ounce, although gains were held to around $17.25.