GBP/USD – sterling/dollar bears continue to push price lower
The GBP/USD remains in a sustained long-term downtrend with plenty of over-head pressure to keep it contained this week. Notice that price sold off last Friday following several days of slow movement sideways to lower after an inside bar pattern from September 7th up near 1.3375 resistance. We discussed that inside bar as a selling opportunity several times recently in our commentaries and we have remained bearish biased for months. Downside potential remains under 1.3375 this week, traders not already short can look for selling opportunities on any temporary retraces to the upside.
Gold – gold at key support / buy zone
Gold prices have retraced back down to 1310.00 – 1300.00 key support area, an area that has firmly supported price in the recent past, keeping the uptrend intact as price has bounced higher on all recent tests of this level. We are keeping our eyes peeled for a price action buy signal in this zone as it is still a very strong support area. If we don’t get a clear buy signal there, we will stand aside and see what develops. A close under 1300.00 would nullify our bullish bias at least temporarily.
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S&P500 – looking at key levels for buy or sell signals
The S&P500 has been volatile lately. Following the big sell-off from 2188.00 resistance, we are taking a more neutral stance as price was unable to stage a strong recovery last week. We will stay in ‘hurry up and wait mode’ for now and wait for a long signal from support a short signal from resistance.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource. To learn more, visit www.LearnToTradeTheMarket.com