FX.co ★ Rimi4x - Trading Journal

Market overview: The entire market experienced numerous ups and downs yesterday. As market investors followed events involving the G7 leaders and two supply countries signaled prospective output restrictions because of political upheaval, crude oil prices once more rose to the 110 level. The price of gold dropped to a level of 1820. The cost of silver likewise dropped to 21.00. The resistance level of 1.0600 was broken by the EURUSD, which then tested 1.0634. The price of the GBP/USD pair also increased toward the 20 SMA at 1.2332, but ultimately fell to 1.2272. The US dollar index overview: As anticipated, the US dollar index kept moving in the direction of the 103.40 support level, closing at 103.63 yesterday. The price of the USD index is now trading above the 100 SMA, as can be seen on the H4 timeframe, but more bearishness could develop if the MACD crosses below zero. According to the USD index's current price movement, I predict that it will continue to decline until it reaches our first target level of 103.40.

Closed trades: Yesterday I found a strong buy opportunity in gold prices and opened a buy trade in crude oil. The price of oil increased to 109, and I profited $253 from my crude oil trade. However, my AUDUSD trade ended with a $3.29 loss.

Active trades: I have two open trades in gold both are floating in loss as yesterday gold price declined to 1820 level.

GOLD: The gold price recovered to the H1 support level of 1820, but failed to stay below the level curtain. As the price is rejected from that level now, I think the price will continue to rise toward the 200 EMA, which is placed above the 50% Fabonacci retracement, but I personally think that the price of gold will continue to rise toward 1840. So today's trading strategy is to choose to buy gold.

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