GOLD Rush & Possible 10 x 1 FX trade

by | Aug 19, 2024 | Forex Analysis

Commodities

GOLD Rush & Possible 10 x 1 FX trade

I share in todays video some thoughts on gold as well as my forex trading analysis for the week ahead. Including a possible 10X profit on 1 pair.

Although we expect the markets to be slow during the summer, that hasn’t always been the case this year. Last week saw the dollar weaken further and GOLD break all-time highs.

I have made substantial profits in the past 12 months, buying gold and silver on pullbacks.  I shared with FMP members here early in 2023 and again in October of last year, why and where I was buying gold ($1820). Since then I have shared other areas to consider, the most recent being $2400- not financial advice as ever.

I do expect GOLD to head higher BUT the Democrats and the |Fed will do everything in their power to avoid a stock market crash before the election, so it may be November before any more new highs. My thesis then is that the stock markets will crash. Hence my heavy investments in gold, silver and miners.

You can find my previous comments on this from previous live training sessions in my blogs and members of my investing website receive specific entry/exits and trade ideas.

My best mining stock is still over 100% profit so far this year.

I will go into more detail about my investing and trading plans in the webinar on Tuesday, so if you are around, make sure to join me and Ashley. The good news is that everything I do is based around my M2 strategy.

Now, for the week ahead, most of the news is on Thursday, so be careful with the majors, as the manufacturing figures are out. You also have the Jackson Hole Symposium, which is where all the central bankers around the world gather to discuss the path ahead regarding interest rates and other things. It also continues over the weekend, so I would suggest not to hold open trades, as there could be gaps if Powell or any other central banker makes a remarkable comment when the markets are closed.

As always, I suggest you read Marc to Market’s articles if you want to have a better understanding of the current market fundamentals, as he explains them in simple language. You can read his latest article below.

The Dollar Softens into the Weekend

The Forex Week Ahead+++++++++++++++++++++++

Next week there is the CAD CPI on Tuesday so be careful with the CAD pairs. The big day is on Thursday as you have the manufacturing figures for all the majors, so it could be very volatile as it is a leading indicator of how an economy is performing. This has a knock-on effect on the unemployment figures, retail sales, etc. Also Jackson Hole Symposium starts that day and continues over the weekend. Powell speaks on Friday.

++++++++++++++++++

MAJORS

Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away. A “B” grade is of interest, but not an A yet. I will watch on 4 hour timeframes to see how price reacts if it hits my zone after the news is released.

There is a danger that the $ will rebound, so keep your eye on the Index and only be in one trade versus the dollar at a time.

EUR/USD:  1.08 is the A grade area if it drops for a long. The current area is tempting to long but I prefer the GBP because of the stop and risk reward.

USD/CHF: I would look for a short just below 0.8900. Also, watch 0.8820 for a short.

Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”

GBP/USD: Broken a weekly trendline. I would look for a long at 1.2815 and stop below 61.8% fib.

AUD/USD: A long at 0.6620 is interesting.

NZDUSD: It’s between the EMAS; I would consider the other majors.

USD/CAD: Forward order at 1.3640

USDYEN: its too volatile, leaving it alone.

CROSSES

Some are A grades, where I will place forward orders; some pairs have “areas of interest.” I have a lot of similar crosses, so be very careful with the correlation.

EURGBP: In between the EMAs, leaving it alone

EURAUD: Long at 1.6415

AUDCHF: A short at 0.5890 is interesting.

I have quite a few other “possibles” that I will monitor during the week. See the video. I also show areas where I will be interested to buy crypto and metals.

As always, remember correlation! 

New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.

We are NOT a “tipping service” we aim to teach you how to trade for yourself.

Watch the video below for more detailed explanations of this week’s analysis and trade plan.

To find out more about our crypto journey check out the mini-course and if you want to get involved in what I believe is the next boom, scroll to the bottom of the page to find out more: CLICK HERE

650x60 100 Free training course 4

You can watch the full video below, you can read the transcript or view the full screen by clicking the buttons below the video:

 

Kind regards,

Marc

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