Authored by TD Markets
The financial markets have witnessed intriguing developments as both Gold and the US30 (a major stock market index) have completed their respective bullish setups. This article explores the significance of these occurrences and what they might mean for traders and investors looking to capitalise on potential market opportunities.
The USDJPY Performance
USDJPY trend continuation is on the cards. The recent price action on USDJPY suggests that the sellers are not done. The market is now forming a bearish continuation pattern after an aggressive drop from the top of the ascending channel and a break below the previous support zone around 142.227.
This price action caused the market to break below the channel. According to this price action, traders will be interested in looking for bearish trading opportunities and use the pattern to identify entry points.
The GOLD Performance
(UPDATE) - GOLD has reached the target.
The bullish setup on GOLD is complete according to the recent price action. The market completed the bullish continuation pattern and aggressively broke above the resistance zone around 1960.00. Traders will now wait for more price action to develop in order to identify patterns for the next possible move.
The US30 Performance
(UPDATE) - US30 has reached the target.
US30 is now trading above the previous resistance zone around 34693.00 and has completed the bullish setup. The market is still trading within an ascending channel, however, traders will now wait for the market to develop patterns for the next move.
Read More: Traders Are Still Bullish On EURUSD & NZDUSD
Final Thoughts On Today’s Analysis
In conclusion, Gold and the US30 have recently completed their bullish setups, indicating potential upward movements in their prices. For traders and investors, this presents an opportunity to capitalize on possible price appreciation in both assets. Gold's status as a safe-haven asset may attract investors seeking shelter during periods of economic uncertainty, while the US30's bullish setup could appeal to those looking for exposure to the performance of prominent US companies.
