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!