Forex Signals Brief for Oct. 10: Now is the Time to Sell Gold
Rowan Crosby • 2 min read
It was a pretty slow start to the week, with the markets just not that interested in moving around all that much. The FX Leaders team managed to find a great forex signal in GBP/USD, while many of the other markets were range bound in early trade.
However, the good news is that there are plenty of good trades setting up on Tuesday, lead by gold which appears to be setting up for a sell. Keep an eye on our forex signals page for the very latest trade opportunities.
Good luck today guys!
Today’s Forex Signals Watchlist
Crude Oil – We are bullish on oil, however, it still hasn’t fallen away enough to reach our buy signal trigger. Watch out around $49.10.
Gold – The trend is down in gold, but a quick rebound is offering a great opportunity to sell. Stay tuned for a sell signal here.
Nikkei – This one is looking overcooked to the upside, and the cracks are appearing. We are waiting on better timing to sell the Japanese index.
USD/JPY – This one is a longer-term signal and it has plenty of upside potential if we can crack 113.00.
Gold – Time to Sell the Bounce
Gold has really fallen away hard here over the last week or two. Since North Korea has dropped out of the headlines, the market for gold has certainly dried up. However, there has been a little bit of a bounce that looks like a great opportunity to sell.
Arslan is all over this trade so you can read more about the thinking here. I expect a short signal to be triggered here very soon.
Gold – 240 min Chart.
Gold – Key Support and Resistance Levels
DAX – Our Forex Signal is Open
We currently have an open short forex signal in the German Dax. As it stands, price is still trading around the entry level. That means that there is still a nice opportunity here for those of you looking to sell equities.
While there has been an uptrend and the markets have been ringing higher, the Dax has really started to get into a period of consolidation. That’s a bearish setup in the Dax and you can find out more about the current forex signal here.
DAX – 240 min Chart.
DAX – Key Support and Resistance Levels
Top Economic Data for Tuesday
Tuesday has a lot of second tier data, however not much in the way of big market-moving news. The only major announcement for the day is UK Manufacturing Production due out at 8:30 GMT.
Let’s hope for some more volatility coming into today’s trading session. Monday was quiet but I think Tuesday is shaping up for a number of great forex signals. Have a great day guys!