Trading Gold, Euro, SP500 futures and the dollar index seeing areas of support and resistance.
I have put up a video on trading gold below. I am going over this chart with S&P500 emini futures, the Euro chart, and the DX or the Dollar index chart. I combine these on a 24 hour chart to show price action after hours in the 24hour international trading community. Trading gold has a different time frame, even though traded mostly on the US markets, but open again 24 hours on the futures market and traded through London, Tokyo, Hong Kong, and New Dehli. Trading Gold in the Indian markets has been a bit tricky with the effect on purchasing gold and bringing it in to the country. The net effect has been increased taxes and buyers have pulled back. The Indian market has been on a 5 day holiday and the gold bulls are hoping that the demand comes back into the market soon. Looking at the S&P500 and the Euro, it seems that there could be some de-coupling coming up as the bonds market, which I mentioned in yesterdays video hit some support. It looks like the sellers could step in again and the transfer of money into the S&P500 could see a push up as the Euro hits resistance and could see a retrace. We will see if the euro holds the 1.32 support. If it can then we might see the dollar index do a bit more to the down side. Targets on the euro for tomorrow if support breaks1.3205 then 1.3172, below here of course the psychological 1.31. If we move up to retrace the sellers move [...] day trading course
