August 1st – Quick Plan For The US Session


Like yesterday, the market is too slow to trade. Thankfully though, we got another take profit in gold so, for us, it wasn't that bad. Let's figure out the plan for the US session so we can hopefully continue profiting. 

Gold Our trading signal is closed at take profit $1266 for the second day. Now, we have two trade ideas: First, I will be waiting for the market to test $1262 to take a buying entry in order to target $1270. Second, I will be looking to reenter the market below $1270 only if the US fundamentals are in support.

 

Nikkei – Our forex trading signal on Nikkei is floating in profit. Investors are advised to move their stops at break even to avoid the reversals. However, it's very likely to hit our TP at $20030 during the US session.

 

EUR/USD Trading exactly as I shared in the earlier update. The prices fell closer to the suggested entry level of $1.1800 and now the market is trading 20 pips in profit. Now it all depends on US economic events. There is an indication that the Euro will try to target $1.1840.

 

Crude Oil – Pressing lower at $49.90, where it has a support. A break below this level is likely to push it lower to $49.25.

 

At 14:00 (GMT), investors need to watch for the ISM Manufacturing PMI from the United State. Most importantly, at 22:45 (GMT) there is the release of the New Zealand labor market figures.

Good luck traders and trade with care!   

 
ABOUT THE AUTHOR See More
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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