This is a follow-up to the analysis from last week. As we can see, price is making a retest of the support turned resistance.
The bias is for a sell. The sale should come when there is a strong rejection at the turncoat resistance.
If eventually, price breaks the resistance as I suspect it may happen because of how price pulled back up after it broke the support, then buying should come if price stay above the resistance area highlighted in red.
Forex Chart Analysis For US OIL (WTI) (USOIL 1hrs Chart)
From last week’s prediction, price did find resistance around 41.200 as predicted and retraced to the support but it failed to reach our take profit at 42.000 price region.
However, if you have followed the analysis on this instrument last week, you would have still made some money on both the down and upward price movement.
As for the new week, price broke the support at 40.350 and it’s currently making a retest of the turncoat resistance.
As much as price is making a retest of the previous support, I will be very careful with trying to sell this because of how last Friday’s daily candle closed.
I will suggest to wait it out to see what price is actually trying to do. Let price lead the way while we follow. #patience
Forex Chart Analysis For Gold (XUAUSD) (Gold 1hrs Chart)
Price is currently ranging on gold. If price fails to make an upward breakout on Monday market up, then price is likely to play the range game for few more days before we can see a breakout.
This will be an easy trade. Sell if the resistance at 1980 continues to hold, buy if the support at 1944 continues to hold.
Either way (upward or downwards) price breaks out to, wait for a retest, rejection, and take position in the direction of the break-out.
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