XAUUSD
As can be seen above, Gold has been declining in accordance with its weekly timeframe Stochastic RSI.
The chart reveals that the price action candle on the 4 hour timeframe (closing below the Kumo Cloud) would have provided a trader with an early signal to start scaling into a short position.
Watching Gareth Soloway’s trading video yesterday drew my attention to the possibility of trading Gold using GDX, which is a gold miners stock:
GDX
Further chart analysis, however, reveals to me that it may be better to continue trading GLD when looking to take advantage of the Gold market, as it has a less volatile chart pattern:
GLD
Next Action
- Continue to assess the price action of XAUUSD everyday in order to continue acquiring substantial technical trading practice and experience.
- Trade GLD when looking to take advantage of the Gold market.
BTCWF
“A” asked me to take a look into BTCWF because everyone that she knows that are left leaning are now abandoning X (twitter) for this new platform (including large liberal companies like the Guardian, and McDonalds) because of Elon Musk’s support of right wing Trump.
As a result, my chart analysis revealed that it may turn out to be a good long-term investment, or trade, using the monthly timeframe.
Next Action
- Workout how much you want to invest in BTCWF long-term.
- Make a long-term trade or investment in BTCWF on Monday when the markets re-open.
