Market Update: CRUDE OIL & GOLD – Oct 4th, 2024
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
CRUDE OIL: Buying On Retracement Lower & After Price Action Signal, At Or Above $71.12 – $72.21 Support Area
Comments: Price broke and closed above the $71.12 – $72.21 old short-term resistance area, which now acts as short-term support zone, overnight.
This Market has now turned slightly Bullish.
Price moved higher from the recent Bullish Fakeout + Giant Tailed Bar Setup that had formed on Tuesday, Oct 1st (We did not consider trading this setup).
Potential Trade Signal: We are looking to buy on a retracement lower and after a price action buy signal, at or just above the $71.12 – $72.21 short-term support area.
To Trade This Market With Our Preferred Broker, CLICK HERE
GOLD: Buying On A Breakout Of Current Multiple Inside Bar + Small Pin Bar (Combination Setup).
Comments: Price formed a Bullish Multiple Inside Bar + Small Pin Bar (Combination Setup) overnight.
Price moved significantly higher from the prior Inside Bar Pattern that had formed just above the $2532 – 2546 short-term support area on Thursday, Sep 19th (We did not consider trading this pattern).
Potential Trade Signal 1: For more aggressive traders, we are looking to buy on a breakout of the current Bullish Multiple Inside Bar + Small Pin Bar (Combination Setup) that had formed overnight.
Buy Stop: $2675
Stop Loss: $2630
Take Profit: $2765
Potential Trade Signal 2: We are looking to buy on a deeper retracement lower and after a price action buy signal, at or around the $2532 – $2546 short-term support area, which coincides with the prior Bullish Inside Bar Breakout that occurred on Friday, Sep 20th.
To Trade This Market With Our Preferred Broker, CLICK HERE
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
