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European Session Recap & US Open July 19th- 2 Take Profits Already

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!

 
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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