Let’s have a quick overview of Gold market. It was a boring week. But it gave a lot of opportunities for scalpers. Gold was trading in a range. I think this week scalping paradise will be done.
Weekly and Friday’s closing were good for those, who follow my trading signals and keep shorting Gold. This week I expect test of 1205 – 1200. But 1200 is only psychological level. As you can see from bigger time frames price is moving to 1286 – 1272 range, where I expect to close all my shorts. I think it will not be sharp decline. More likely, we will see slow drifting down. So, reaching mentioned above range will take 2 – 3 weeks. I think we will see rebound after it to 1250 – 1280 range. But for now it’s only expectations and we have to get fundamentals and technical signals to consider longs in gold.
USD/CAD didn’t move much, but it rebounded from trend line and gave signal for longs. However fundamentals are very mixed – political tensions, oil prices and Turkey’s problems is negative for CAD, but the unexpectedly strong employment report encrease expectations for a rate hike by the Bank of Canada this year. So, those who went long can consider adding trailing or profit booking, if price gets rejected near Fridays high. As likely this pair will be trading in the range testing 1.300. Depending on fundamentals, we can see extension to 1.290.
Wish you all profitable week!
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