After this first month of the year with some surprises, a selloff first to rise again at the last day of the month on the major Indices, where uncertainty has been the main sentiment, we are entering the month of February with a certain degree of uncertainty still, unfortunately. Yes! despite the latest rise on the stock market.
As on January, we will recommend again Intraday trading mostly. Taking long term positions is highly risky at these moments.
Trading Ideas (Feb. 1st)
(These are estimations and they might change as the week goes on)
GOLD: Current price is 1118.25. We could see the metal trading between the 1126 and 1112 range to later drop to 1099 or 1093 at the end of this coming week. Lower is not impossible. The second scenario, to higher prices is also possible and we have our reasons to think that, so 1150 would be a target.
EURUSD: Current price is 1.08310. With some ups and downs, the pair can end up going down to 1.07464 as a first target and 1.06139 as a second target.
USDJPY: Current price 121.128. We have been buying since friday. We will continue buying.
WTI OIL: Current price is 34.49. SELL recommended with caution. Right now we see that even if price goes a little bit higher, that would be an opportunity to sell.
NASDAQ FUTURES: Current price is 4269.88. We are not yet going to engage on any long term position. First target 4297, second target 4350. A drop to 4160 is possible if does not break our second target 4350.
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