MARKET COMMENTARY ON JANUARY 19, 2024

The market has been facing many difficulties while continuously creating difficult positions for many Traders. For gold and BTC, there has been a strong decrease in price when continuously creating strong candlestick reversal patterns from increasing to decreasing. Today, let's identify some trading codes with Vintrade!

Gold (XAUUSD):

First scenario for Gold:

Gold will continue its downtrend once it breaks through the D1 price channel. The price is rising again and will likely reverse at the EMA confluence resistance zone and the Liquidity zone at the 36-40 threshold. It will then decrease to the support area below.

Second scenario for Gold:

Gold can touch and retest the support zone, forming two bottoms, gaining strength to increase to 2080. Basically, Gold has not completely broken through its rising price channel in frame D1.

Therefore, investors need to look more carefully today when there are Gold trading activities.

Oil (USOIL):

Oil's H4 triangle has been running for more than a week and until today there was a candle that completely broke out of the triangle. When returning to H1 to find the price recovery zone, we see a fairly solid support zone of EMA 34 - 89 confluence oil. An important data to enter an order from which is a premise for a strong increase. Recommended SL/TP as shown.

USDCAD:

Frame D1 of the USDCAD pair created a bearish double candlestick pair with price rejection at the 0.786 fibo zone.

According to sonic R, it can be seen that the price is gradually pushing down, creating a reversal signal, breaking the strong level according to the fibo zone, followed by a stronger decline in USDCAD.

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