Gold market weekly outlook and trading forecast for August 20 – 27, 2018
Gold reached all our targets very fast. As I mentioned in my previous forecast I was expecting it will take 2 – 3 weeks, but few days were enough. )) So, for those, who went long after shorts profit booking, watch out for rising wedge in 1H chat. I am looking for rejection from 1192 – 1194 to short again. However if it holds, we will see higher resistance levels. Any way it’s time to protect your profits. So, consider adding trailing or just replace your stop-loss.
In my opinion it’ too early to talk about any positional trades in gold market. So, I will focus on short-term trades and some scalping.
Monthly closing will be very important. It can give us more clear view on swing opportunities in gold. Technically gold is still very weak. But physical demand is coming back based on ETF’s gold positions. That’s why I want you to pay attention on monthly closing. As you can see from the chart, gold has broken triangle, that gives technical view of one more leg down towards 1140, 1126 and 1055. But as I mentioned physical demand gives other view and shows retest of trend line. So, I think monthly closing will give us understanding what scenario can take place.
For USD/CAD forecast remains the same. Join my live chat for more discussions and timely trading signals.
Have a great and profitable week!