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Market Outlook
Gold Holding at Resistance, Possibly Declining?

Daily Technical Analysis: Gold Holding at Resistance, Possibly Declining?

09-12-2021 11:20

ZFX – Today’s daily analysis will focus on Forex, Indices, Cryptocurrencies (Ethereum) and American Stocks (Apple). Also, at the end of the article, there is a EURJPY trading idea (signal) that might be an insight for you.

Every afternoon at the London Session, ZFX provides technical analysis or Outlook in a video form. Check it out by clicking here!

How Does the Pre-New York Analysis Look Like Today?

Before you start trading, you need to do some analysis first. Here’s a little summary of today’s market picture (09/12/2021) from our ZFX Analyst:

XAU/USD Technical Analysis – Commodities

XAUUSD (Gold) is failed to break the resistance area at $1791.112 and at the daily timeframe, it closed bearish. If gold breaks the $1780,000 area, gold might continue its decline to the daily support at $1763,098. In short term, gold is still bearish.

ETH/USD Technical Analysis- Cryptocurrency

ETHUSD held its position at $4470.00. If ETHUSD breaks the trendline support, ETH might continue its decline towards the $3800 area again. As long as ETHUSD does not break through the $4800 level, ETH is still bearish in the short term.

Apple Technical Analysis – American Stocks

Apple stocks rose from yesterday’s position. At the moment, AAPL is at ATH level above $170 and can still rise further towards the 178.94 area (FIB 1,618 area).

Trading Idea – EURJPY (Buy Limit)

Order: Buy Limit
Entry: 128.082
Stop Loss: 127.580
Target 1:  128.800 (50% + BE)
Target 2: 129.000 (25%)
Target 3: 129.511 (25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: Bullish Market Structure, Expected to Reject Support Trendline.

Disclaimer: Trading ideas by this website are provided as general market information for educational purposes. There is a risk of losing money in trading. Past performance is not necessarily indicative of future results.

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.

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