Bulls HnS's Prec.Metals below. Plz-read-Friday Gold Commentary!
Updated
https://www.tradingview.com/x/C5mVoyWO/
There are some bullish Head 'n' Shoulders patterns today in Precious Metals.
1st up see charts for Palladium XPDUSD. This is a bullish H & S's on multiple timeframes. 5m played out earlier in Asian session but we still have setups on the 1HR, 2HR and 4HR charts.
If Mr Powell gives the market the boost and shot-in-the-arm that I think he will today because I am guessing he has been a bit on edge lately like a trader who just lost 30k in a day. I am hopeful we will get a good run today Long in precious metals. Mr Powell speaks at 10am Eastern USA & Canada.
Be aware that some of these setups have already retested and others have not, but I will do my best to guide you through it with an alert if Entry becomes noticeable to me in the charts later. This is of course if you are a newer trader. I know most of you are experienced.
There are some bullish Head 'n' Shoulders patterns today in Precious Metals.
1st up see charts for Palladium XPDUSD. This is a bullish H & S's on multiple timeframes. 5m played out earlier in Asian session but we still have setups on the 1HR, 2HR and 4HR charts.
If Mr Powell gives the market the boost and shot-in-the-arm that I think he will today because I am guessing he has been a bit on edge lately like a trader who just lost 30k in a day. I am hopeful we will get a good run today Long in precious metals. Mr Powell speaks at 10am Eastern USA & Canada.
Be aware that some of these setups have already retested and others have not, but I will do my best to guide you through it with an alert if Entry becomes noticeable to me in the charts later. This is of course if you are a newer trader. I know most of you are experienced.
Trade active
We are still Long XAUUSD. Entry was around 4am New York time at the 2495 level. Consider a very loose Stop Loss as you would be sitting in nice profit. My trades are generally very long duration, I chase the bigger money.
Vix Index today is healthy. Down around 1.7%. Yesterday it was a bit shaky.
Cheers,
Chris
Trade active
USDX is under pressure at the moment on the low timeframes & it is selling off. See chart please.
Trade active
Update on USDX:
Bearish on the low timeframes and supportive of Gold today. I think Mr Powell will cheer us along a bit as well. Fingers crossed he uses the language traders like.
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