The dollar got weak before Fed meeting minutes. Though the Fed minutes keep a powerful effect on the gold. The gold is present in a slump, moving near the 1831 support level. Fed policy makers pointed out that given the increasing inflation and the potent power of the labor market, officials attending the Fed meeting trust that the resumed rapid development in net asset sales follows unreasonable policy cuts. The dollar is merging close to the 101.40 level. Based on the strong range all over 101.30-50, the technical aim extension is at 100.90. For support, outlook back at 100.50. The meaningless support is at 101.20.
Today’s news events Today we have plenty of news events such as Employment Change. News events can change the market trend. So try to analyze the market properly.
FLOATING TRADE: Hi, everyone. It is the fourth day of the week, and I made a loss from my trades. Today, I tried to earn a profit, but currently, transactions are floating at a loss. I opened a sell entry in gold and EUR / USD. My gold transaction opened at the $1849 level and the euro at $1.0680. I set my targets in both trades. See the picture below.
CLOSED TRADES: Yesterday I opened the trades in gold and EUR / JPY. I already informed you that gold is bullish. I opened the buy entry and earned a $71 profit. But my second in EUR / JPY hit my S/L at an $11 loss. Overall, I was in $60 profit. See the picture below.
USD/CAD: USD/CAD is just greater than the 1.2710 support and is trading close to 1.2680. USD/CAD has increased several times in the last many hours, therefore failed. Currently, it has tried to go up. From a technical outlook, the daily graph appears that the risk of USD/CAD is increasing. The exchange rate is already increasing, above 1.2780, while the technical indicators towards the north are in perfect territory and are speeding up. My trading entry point is at the 1.2790 resistance level. If USD/CAD breaks from 1.2720, which is the sudden resistance of the aforementioned downside momentum, USD/CAD could turn upside.
