Forex Signals Brief for Nov. 24: Is Gold Set For a Fall?
Rowan Crosby • 2 min read
With Thanksgiving in the US, traders felt like they might as well take the day off. Overall the markets were pretty quiet. The team didn’t close any signals on Thursday, though that’s OK because this week has been really strong. If the opportunities aren’t there, it’s far smarter to wait until they are.
That said, we did manage to find a couple of new entries. We were already short gold in a longer-term position and we added to this with a short-term sell signal. The FOMC caused a spike above 1290 and this is a level that is ripe for a sell-off.
We also opened up a EUR/CHF short. The EUR was a good trade to try and avoid a bit of the FOMC carnage and the EUR crosses have been good to us lately.
Keep an eye on the forex signals page as the US will be back for a half day on Friday and we should see some higher volume.
Forex Signal Watchlist
EUR/USD – The Euro pushed higher and is sitting at a big level at 1.1850.
AUD/USD – The AUD is setting up for more short opportunities and is at support turned resistance.
USD/JPY – The Yen continues to languish and is nearing 111.00.
GBP/USD – A buy is still on the cards if we can get our price.
EUR/CHF – There’s a ton of overhead resistance and we have an open short signal.
Gold – We added to our initial position and are now short gold both long and short-term.
Live Forex Signals
Gold – 1290 is Ripe for a Fall
Gold has pushed higher and we have added to our initial position. We are now short with profit targets at 1286 and 1273. Any hint of USD strength will see gold fall. However, we might have to wait until Monday if US traders decide to make it a long weekend.
Gold – 240 min Chart.
EUR/CHF – Strong Resistance
The Euro has been a good trade to navigate the tricky FOMC landscape. As it stands, there are a number of indicators that are holding this pair down. You can read all about Skerdian’s thinking on the trade that we opened on Thursday.