Hello everybody welcome to our weekly bonus analysis video
I’m Stef Breschi and today is Saturday, the 5th of December, 2015
Today we cover Gold because as it’s one of the markets in which we have a position and WTI Crude
We went Long in Gold on Friday at 1062$ and price subsequently shot up and we are enjoying a nice profit. We have targets in place but we may run this for a while as this may be a substantial reversal.
Looking at the charts we use for analysis … the Daily chart .. price had been trading inside the previous Friday’s mother candle with both fake upside and downside breakouts. We believed the latter to be more significant so we were looking for an upside breakout .. looking at the 1 hr chart .. we decided to go Long as we got a Buy signal … when the 13 ema crossed the 40 ema and re-tested the same area as support, we waited for a bounce and went Long at 1062, just 2 hours prior to the NFP data … and the subsequent rally.
(Weekly Chart) shows a bullish engulfing pattern with a close above the key support so with our Fundamental team already bullish, we believe this rally could be substantial.
(Daily Chart) our targets were place just below the 38.2 and 50 Fib levels but we may well decide to change to trailing stops in expectation of a strong rebound.
After failure to the upside price is now testing 40$ support. A weekly bullish Harami 3 weeks ago is not playing out and short term average acting as dynamic resistance so we think 40$ support will probably fail next week. If it does the market will probably break through minor 37.70 support and to see what lies below we have to switch to the (Monthly chart) … where we have to go back to 2008 to see the next level of support at 35.50$.
(4 HR Time frame) … so if that happens we can expect the medium term average carrying on sloping downwards similarly to the prior downtrend in early November. So next week ideally we will see a retracement back to the average around 41$ and a sell signal in that area.
Thank you for watching please take a look at our subscription service STTS which stands for short term trade setups which covers all the major currencies and other markets which we are likely to be trading
Come and find us on tff-onlinetrading.com/market analysis have a great week!
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