Gold – Gold rally higher after price breakout away from its consolidation. Price has pullback since then and we could potentially see price continue to decline lower into its 1269.80–1261.60 support area before continue to rally higher. Traders may consider buying into this market when price pullback and rejects the support area to ride on the bullish trend.
Pound Dollar – GBP/USD pullback into its 1.4457 support level which traders may consider to go long as the trend is bullish at the moment. The next resistance level is not found until 1.4810 which offer traders massive profit margin to trade the long side. Traders may also wait for a confirmation before buying into this market for a safer entry point.
Pound Loonie – GBP/CAD breakout above its 1.8500 resistance level yesterday which had now turned into a nice little support level for traders to hunt for potential buying opportunity. Ideally we would prefer to see price rejects the 1.8500 support level (Previous support level) before going long. However due to the overall trend is still bearish, traders may need to be more cautious when placing stops and targets.
Posted on 2016-05-05 06:30:58