And Away We Go!
So far this week has held no surprises yet, and I feel things are off to a solid start. Definitely pullback territory on the indices and I really believe 1250/1248 on gold is an excellent “barometric” level that should give us a relatively clear view of what to expect depending on what happens around that level. The same could be said about oil and 50. Indices are rearing to produce more winning long signals? We will have to see, just don’t forget about the news this week!
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In a regular week, today would be a big day for news. But since it is the epitome of the “big news” week with NFP, today is really just getting things started. Use caution but I see most of the anticipation coming later in the US session or it would be an otherwise normal day.
OUTLOOK BY INSTRUMENT:
GOLD: I like that we have moved back above 1250 while seeing some softness in indices on Monday. I like gold long above the 1250 level but I am also interested in a short on gold below 1248 should the indices also take a good rally and provide a set of trades there. Even if gold does not provide a trade directly, it might be a very good clue about the “risk on/off” potential of the market for the day.
OIL: We have come to settle on 50 for the moment. I like the idea of getting a long from 50 from a bounce, but I’m going to wait until NY session to see if the market will indeed be active.
INDICES: They have pushed lower as a group but this is a pre-condition for the next move up anyway, right? So I will now be looking for the indices as a group to move higher away from support and produce signals. That’s the hope anyway!
LONDON OUTLOOK VIDEO: