Gold – Gold shot up significantly higher after price rejected its 1202.00 support level as we expected in our 3rd June 2016 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position and have the first target set near the 1259.30 resistance level. If price is able to breakout above the 1259.30 resistance level, we are then likely going to see price continue to rally higher into its next resistance level at 1308.00.
Pound Loonie – GBP/CAD continue to decline lower after price formed the head and shoulders pattern on the 4 hour time frame. Price did pullback into its neckline and consolidates for a while before it continue to decline lower as we expected in our 2nd June 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind to lock in profits as price is likely going to continue to decline lower into its next support level at 1.8500 in the near term.
Aussie Dollar – AUD/USD pullback all its way back into its 0.7420–0.7365 resistance area which traders may hunt for potential short setups to jump on the bearish trend. Ideally we would prefer to see price rejects this resistance area before shorting for a safer entry. Traders may have the first target set near the nearest support level at previous swing low to lock in profits while the next key support level at 0.6900 may serve as the ultimate target for short sellers.
Posted on 2016-06-06 06:30:53