Gold (XAUUSD) back to $2,000? Counter-Trend Trading on Central Bank Price Action.

Welcome to this week’s Market Blast Fundamentals.

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I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at Gold (XAUUSD), GBPUSD, USDCAD, EURAUD,  and EURJPY.

Investors were hoping for more action and more information from last week’s ECB meeting, they didn’t get it, and EUR fell.

As we know EURJPY has been trending up for weeks and the ECB gave us the perfect counter-trend opportunity.

As soon as price action fell to support, this gave active traders the opportunity to buy back into the trend.

Remember, “The trend is your friend” and counter-trend price action moves like this, based on fundamental economic news events, are a part of a solid trading plan and strategy.

The same could be said of EURAUD however the uptrend is more recent.

So, now you know why we spend so much time looking at the economic calendar and how central bank governors can move price action quickly.

This week we may see the same thing with the ECB´s Christine Lagarde, US Federal Reserve’s Jerome Powell, and the Bank of England’s Andrew Bailey.

As well, Retail sales figures from the UK and Canada.

We see GBP getting stronger against everything except USD so, here again, you can look for counter-trend price action moves.

And, speaking of uptrends, we will be watching gold this week to see if we return to $2000 and if Jerome Powell gives us a counter-trend opportunity here as well.

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That’s all for now.  Happy trading with Valutrades and we will see you next time.

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