The U.S. dollar lost ground today to all the other majors, with the exception being a marginal gain against the Canadian dollar.
Gold rallied significantly today, adding about 30$ an ounce and closing about 10$ an ounce below the all time high of $1424.43 an ounce.
Trading Setups / Chart in Focus:
Gold pushed substantially higher into this week’s close today, continuing the bullish momentum after the inside / pin bar setup from this past Monday broke to the upside.
We can see in the chart below the all-time highs are coming in close overhead around $1425.00 an ounce, this recent up move in Gold, set off by a quality price action signal, was a good example of how to trade price action with the trend.
Also, note the 2 counter-trend pin bars that occurred on Wednesday and Thursday of this week; they did not work-out and were not good signals, a prime example of why you should stick with trend-trading and avoid picking tops or bottoms.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my price action forex trading course.
On Wall Street today stocks rose, ending their best week in a month, and shrugging off slow jobs growth in a sign that the rally may have more room to run.
The Dow added 19.68 points, or 0.17 percent, the S&P 500 rose 3.18 points, or 0.26 percent, and the Nasdaq rose 12.11 points, or 0.47 percent.
Upcoming important economic announcements: 12/5
7:30pm EST: Australia – ANZ Job Advertisements m/m
6th-7th: Britain – Halifax HPI m/m
8:30am EST: Canada – Building Permits m/m
10:00am EST: Canada – Ivey PMI
10:30pm EST: Australia – Cash rate
10:30pm EST: Australia – RBA Rate Statement