Gold is setting record new highs with no sign of slowing.
This is due to gold being a "safe heaven", e.g when there is uncertainty in the market, large investors move to safer options such as resources with limited availability. This is because due to there only being a certain amount of gold on earth at any given time it always retains value. Gold being the...
1) Price has formed a double bottom on the daily chart
2) Price may bounce off thosprize zone and continue to the upside
3) Price has rejected 1.0344 price zone historically in the past (one being a very long wick)
1] (On the smaller time frames) If price breaks recent downward trend, and then retests, that will comfirm movement to the upside for me.
GBP/USDattempts to retrace the decline from the start of the month, but the Relative Strength Index (RSI) undermines the recent rebound in the exchange rate as the indicator continues to track the bearish formation carried over from December.
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EURJPY is approaching daily demand zone (blue). Price has been selling heavy which might indicate the demand zone might not be respected.
personally looking for price to come towards the 119.5/119.2 as it's a better bargain area to buy.
CADJPY is in a ranging atm. Price came to daily demand zone (blue), broke and retested a newly formed 4hr demand zone (yellow). Looking for price to come back to 4hr demand and bounce off the refined 15min zones to look got longs.
Also I will be looking for short as well incase the price doesn't come back to demand, I'll be looking to short around the 83.5/83.4...