Join Professional Market Commentator Cameron Buchanan from My Trading Academy for his weekly Market Wrap and Market Forecast for insight into the Global Financial Markets and what is driving them from week to week. Cam offers a fundamental overview for you to learn about the markets and how you too can learn how to trade, manage risk and take advantage of the global economic climate, whether the market is trending up or down.
My Trading Academy is a wholly-owned subsidiary of the International Day Trading Academy Pty Ltd. Cameron is CEO, Co-Founder and Director of the International Day Trading Academy Company and a regular contributor to YTE (Your Trading Edge) Magazine. He is known to his trading students as Cam the Trading Educator and Mentor, Live Trading Room Moderator and Professional Trader.
Watch the Global Market Forecast Video Below
Hi, it’s Cam here from My Trading Academy with this weeks market forecast.
So, last week we looked and Gold, and I want to look at Gold again this week to follow its progress because it’s getting quite exciting. We spoke about, last week, that it was in that uptrend and the reason why the market is in this uptrend is because there is still a lot of uncertainty. We’ve heard the Central Banks around the world talking a lot recently about interest rates and we can see there is still a lot of negativity in the markets from that.
What I want to do now, is turn to the weekly chart for Gold. If you look at this chart you can see that Gold is still trending up, and you’ve got 2 high points where those circles are, and that’s up around 1460. So, that’s creating a ceiling on the price, but still the market is testing those high levels.
When we start reading the charts we look at the weekly chart and then we drill down into the daily chart. You can see here on the daily chart, you can see how the market during the week, it actually came back and tested the trendline support level where that circle is, and then the market bounced off on Thursday last week and has retested the high.
So, the market is still in a range but the overall sentiment is long. Our predicition, my prediction is it is still going to continue to go up. I would be more comfortable if it breaks the 1460 level and then I think it’s going to get to the target of 1500 dollars.
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