- May 8, 2020
- Posted by: cabana-admin
- Category: Forex Broker
Gold- Gold:- Tug of war between bulls and bears are going on and it seems like both are trying their best to move on. Well it is not to trade in gold at the current situation, we would like to advise that sit aside and wait for the breakout on either side.. The 1715 is playing as strong resistance zone followed by 1737 and 1748 and 1690 can be considered as strong support level followed by 1670 and 1660 level
Trade idea:- Based on chart and studies above we would advise to our readers that sell gold below 1690 target is 1670, 1650 and 1640 stop loss is 1716
EUR/USD:- The pair seems weak for the day and we will keep our bias bearish on the pair as long as it is trading below the 1.0900 level. Bears are playing at the front foot and leading for the time being. But we will get further weakness below 1.0800 level an hourly closing below this level will open the path towards the 1.0720 and 1.0650 level on the upper side the resistance allign at 1.0900 and major resistance is 1.1020 level. Odds are in favor of bears.
Trade idea:- Based on chart and studies above we would advise to our readers that sell 1.0800 for the target of 1.0720 and 1.0650 stop loss is 1.0860 for intraday and for positional 1.0920.