31 Oct Thursday View

Clearly, despite the announcement that the Fed is keeping its QE untouched, price couldn't push beyond the previously tested level of 32792 (USD 1360) and tumbled down. This is one of the things that we can not relate, I mean, when the price as recovering off of 30500 (USD 1264), we could read on articles and news that because of the perception of Fed keeping the QE the price was pushing higher, now yesterday Fed said it is keeping the QE and the price tumbled around USD 18 per ounce. How are we supposed to relate that ? Well, technically though the price seemed to be struggling to get through the 38200 (USD 1360) level on Monday, Tuesday and even yesterday it tried but failed, that message was clear enough I believe. So now technically if the price is to trade within this channel (See image we've posted on our google drive), it should test the bottom of it sometime in the future, and in contrast if the price pushes upwards and breaks the previous barrier, it can shoot up to test 34552 (USD 1433), there is always both ways it can go. Tools, setups, and strategies we use help us get onto the likely the right side of the market and become profitable. So, we always tell to trade with as much knowledge and information as possible and Trade Happy and Trade Safe :)