Daily FX Training | Learn Forex with the Dynamic Traders: Gold update & NZDUSD BOB

Hello Dynamic Traders,

Hope you all had a good start to the week! The excitement continues thanks to Javid and Anne's contribution and ever expanding network. A very warm welcome to Zaheer on the fxcps.eu site, I am sure your contribution will go a long way to assisting the readers and your own personal trading.

I have chosen to do a brief update on Gold today as a follow up from last week and also discuss the set up on the NZDUSD.

Below is the Daily Gold chart. Having reached the big psychological 1000 number price retraced and headed south. When I analysed the chart last week, my thought was that price would reach the Fib breather level which also coincides with strong support and perhaps resume the trend up providing an opportunity to enter. It has gone south, however, a good entry point to go long is not yet apparent because possible signs of further weakness are visible and the fact that price is looking to close below the breather level. My conclusion for the moment is to wait and watch this space until the market advises what its going to do next.

The next chart is the NZDUSD. Similar to many other charts this pair has been coming into a squeeze. Today's bar as shown below has closed below the support line and provided us with a potential opportunity to enter in line with the trend. To ensure this is not a FBO please ensure use of the appropriate filters.