Market Update: GOLD & CRUDE OIL – Oct 18th, 2024
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
GOLD – SPOT: Buying On Retracement Lower & After Price Action Signal At Or Above $2685 Support Level
Comments: Price just broke and closed above the $2685 old resistance level, which now acts as short-term support level.
The Ultra-Small Bearish Tailed Bar Signal that had formed on Monday, Oct 14th had been invalidated (We did not consider trading this signal, nor did mention it).
Potential Trade Signal: We are looking to buy on a retracement lower and after a price action buy signal, at or just above the $2685 short-term support level.
To Trade This Market With Our Preferred Broker, CLICK HERE
CRUDE OIL – WTI: Buying On Retracement Lower & After Price Action Signal At Or Around $66.13 – $66.78 Support Area
Comments: Price formed a Bullish Pin Bar Signal overnight (We are not considering trading this signal).
The recent Bullish Pin Bar Signal that had formed on Wednesday, Oct 16th failed (We did not consider trading this signal, nor did we mention it).
The prior Bullish Pin Bar Signal that had formed on Tuesday, Oct 15th failed (We did not consider trading this signal, nor did we mention it).
Potential Trade Signal: We are looking to buy on a deeper retracement lower and after a clear price action buy signal, at or around the $66.13 – $66.78 short-term support area, which coincides with the recent Bullish Fakeout + Giant Tailed Bar Setup that had triggered on Wednesday, Oct 2nd.
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.
