The good thing with trading is that there are always lots of new things we can focus on. There are so many markets that each of them forms something new every day to give us new opportunities. Those who are careful not to lose money, they can easily easily recover their small losses and make big profits, if they follow all the markets patiently on the longer time frames. Please make sure to watch this video, because there are lots of new things in it to learn, and the below analysis is covered in it. Also please make sure to Subscribe to Our YouTube Channel, not to miss any of our videos.

Let’s start from gold.

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Before you read the rest of this article, please note that this is NOT a trading or investment advice and we are not trading and investment advisers. We are just sharing chart analysis techniques. You understand that you buy/sell/hold at your own risk. Also, please make sure to read our terms of use and privacy policy.

Gold

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Gold has been going up very strongly during the past several days, weeks and months. But it suddenly changed the direction and caused many traders and investors to panic. But, it didn’t do anything strange, because it was just trying to retest the broken resistance level at $1,920.80 which is absolutely normal. The $1,920.80 resistance level is too strong, and it makes sense if the price goes down to retest it after it is broken.

If you are new here and you don’t know what I am talking about, please make sure to see the below articles and watch the videos. It is a big help to understand how to analyze the markets and know their long-term direction:

The broken resistance level at $1,920.80 was retested last week, but it worked as a strong support and didn’t allow the price to close below, on the weekly chart. The last closed weekly candlestick closed with a long upper shadow above the broken resistance level. This is almost 50% of a new long trade setup that may form above the broken support level. The other 50% should form by the next candlestick or candlesticks that must form a bullish body above the broken support level to form a Bullish Engulfing Pattern probably.

This is the currently forming weekly candlestick and also the previous week’s candlestick that retested the broken resistance level very strongly and closed above it with a too long lower shadow:

Long Term Gold Price Forecast

EUR/USD

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EUR/USD is testing a strong resistance line on the monthly time frame:

The interesting thing about this currency pair is that it seems it is currently moving sideways on the daily time frame. It is a chance for us to get ready to take a long position, in case it forms a Bollinger Band Squeeze and then breaks above it to follow the uptrend it has already formed on the daily chart. Breaking above the range resistance in this case equals breaking above the resistance line on the monthly time frame you see above:

Learn what Bollinger Band Squeeze is: Bollinger Bands Squeeze: What Is It and How to Trade It?

USD/CHF

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The short trade setup that was formed on USD/CHF monthly and daily time frames, after the 0.91867 support level breakout, is still valid and strong.  If you haven’t been following us with USD/CHF, please make sure to see the below articles and watch the related videos. This helps you a lot to learn how we located this short trade setup, and how we took a short position or placed the sell pending order:

Also, please make sure to watch our most recent USD/CHF analysis HERE.

USD/CAD

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USD/CAD is currently testing a support line on the weekly chart. Although I think it won’t break below it, and it will go up and will form another high, to complete the Head and Shoulders Pattern it has been forming, if it breaks below the line, we will have short trade setup:

Google

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Google has a sensitive situation now. It is trying hard to break above the $1,531.43 resistance level on the monthly time frame. If it can do it, it will be a good long trade setup for those who haven’t bought Google’s stock yet, as well as for the Google’s current share holders.

If it doesn’t break above the $1,531.43 resistance level, we should expect to see a short trade setup below this level:

AUD/USD

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AUD/USD is moving sideways on the daily chart, and is probably forming a Bollinger Band Squeeze. Bollinger Upper and Lower Bands are getting closer to each other:

As a strong long trade setup has already formed on the monthly time frame, it is strongly possible that AUD/USD breaks above the forming Bollinger Band Squeeze, if it really forms. If this happens, I expect AUD/USD to go up to reach the 0.8135 resistance level which is about 1000 pips above the current market price:

NZD/USD

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This is the first time we are talking about the resistance line you see on the below chart. It seems the broken resistance line is valid and is being retested. Therefore, we will have a long trade setup if any of the candlesticks forms a long trade setup above the broken resistance line that is working as a support now. If this long trade setup forms, then most probably NZD/USD will go up to reach the 0.75565 resistance level: