Targeting Longs On GOLD

We close out the week bullish on GOLD and with a sell opportunity on USOIL. We have achieved our BTC target, and remain bearish. We will also be monitoring FOMC Member Christopher Waller (the Federal Reserve Governor), who is scheduled to speak today.

Our bigger picture for DXY still hasn’t changed. We are expecting higher prices, and our target remains at ( members only ). Going into next week we would be targeting 96.940.

Price on EURUSD is currently sideways, so we remain bearish while we look for the ( members only ) zone. If today closes bearish, then we would look for a sell on Monday or Tuesday.

For GBPUSD, we will be looking at COT for what this pair will do next week. Due to the change in the interest rate, we might see some changes on this pair for the long term. In the meantime, we are still bearish and watching for the ( members only ) area.

Our bias on AUDUSD is short-term bullish. We are targeting the ( members only ) level, and will be looking for longs on Monday or Tuesday. We will also look at the COT data to see if the commercials are in this short-term buy.

For NZDUSD, price failed to close above the ( members only ) level. This is a sign that price might not get to the level we identified yesterday. We will keep monitoring this pair next week to see if it will be able to close above the ( members only ) area. If that happens, then we can start looking for longs.

We are not convinced EURGBP should go lower. However, the increase in interest rate on GBP might change that bias, so we will monitor price next week. For now, we will move to the sidelines.

USOIL confirmed to us a sell opportunity today, and we got a day trade to go to the 70.68 level. We are looking for a continuation to the downside next week to the ( members only ) zone.

We remain bullish on GOLD, which usually forms a low in December and starts moving higher until February. GOLD seems to have formed a low, therefore we continue to look for longs. Our target on gold remains at ( members only ).

Turning to BTC, our near-term target of ( members only ) was achieved today. For next week we will be looking for a continuation to the downside.

As we approach the holidays next week, we will be watching for the AUD Monetary Policy Minutes on December 20, as well as US Core PCE Price Index and CAD GDP updates on December 23.

And there’s a ton more of currency, crypto, commodities and other indices left to go over, paid members get to follow along with the trader daily inside our trading portal.

Don’t miss the chance to profit with our community. Get full unrestricted access to all our traders’ daily analysis, trade ideas, and education videos by signing up today!