European Session Recap & US Open July 19th- 2 Take Profits Already
Arslan Butt • 1 min read
So far, the market has traded in our favor during the Asian and European session. Our forex trading signal on gold and WTI crude oil made a nice profit. Since we are lacking events expected to move the market, the forex pairs haven't traded a lot, except for Swiss Francs currency pairs. Let's take a quick look at the market recap & forecast.
European Session Recap
– Gold traded according to our forecast, falling from $1241.50 to the target of $1236. This helped us secure nearly +50 pips.
– Similarly, the previous update on WTI crude oil was a success. It soared above $46 to target $46.45, our take profit level.
– Stock market indices have traded mostly sideways due to the lack of fundamentals.
– Australian leading index released at -0.1%, falling below the previous figure of 0.0%. However, this had a muted impact on the market.
New York Session Forecast
The real game is likely to begin now. We need to focus on the following things:
– Gold is good in a sell mode until it's below $1242 with a target of $1236 & $1233.
– Crude oil is stuck in a range of $46 – $46.85, which is likely to be violated in the US session.
– S&P 500 // SPX has an immediate resistance at $2463. I won't enter a buy until the US index breaks this level.
– At 12:30 GMT we have the release of US Building Permits figures. These may impact gold and Forex pairs.
– Most importantly, the EIA Crude Oil Inventories are due at 14:30 (GMT). High volatility is expected.
Good luck & trade carefully!