What lies ahead for gold?
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
USD/MXN is trading in a range
2022-12-16 • Updated
Trade ideas
SELL 19.60; TP1 19.55; TP2 19.40; SL 19.62
Let’s try some range trading. It seems that such an opportunity has presented itself in the pair USD/MXN. This pair is quite used to sideways trading. On D1, we see that the upper wicks of the recent candlesticks have been longer than the lower ones - a sign that bulls are less powerful than bears and that the price will likely visit the lower end of the range. In addition, a “shooting star” pattern was formed near the upper Bollinger band, while the Stochastic oscillator crossed the signal line to the downside. As a result, the pair’s likely to test the middle Bollinger band at 19.55. The decline below this level will open the way down to 19.40.
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Trade Idea: Major Pairs - 28-12-2022
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
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