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Traders Bullish on GOLD And NGAS

Authored by TD Markets
17.04.2023
Technical Analysis
0
3 min
Traders Are Still Bullish on GOLD And NGAS

Welcome to the world of trading! In today's market, two commodities are currently catching the attention of traders: gold and natural gas (NGAS). Despite economic fluctuations and geopolitical uncertainties, these precious resources remain a popular choice among traders who are still bullish on their potential. 

Meanwhile, in the currency market, CADJPY has been completing a structure that is worth noting. As a trader, staying informed and up-to-date on market trends is crucial. So let's dive in and explore these investment opportunities further.

The CADJPY Performance 

(UPDATE) - CADJPY is near the target.

CADJPY has continued to rally to the upside. This is due to the structure and pattern that is currently forming. Traders are still holding long positions and have their targets set at the resistance zone and the top of the structure around 100.800 where the pattern will complete.

Traders Are Still Bullish on GOLD And NGAS

The NGAS (Natural Gas) Performance 

(UPDATE) - NGAS buyers are not backing down.

NGAS bounced from the support zone again after breaking out of the descending structure. According to this price action, traders anticipate a reversal with short-term targets around 2.400 and 2.600. As such, the market provided another trading opportunity at the bounce of the support zone.

Traders Are Still Bullish on GOLD And NGAS

The XAUUSD (GOLD) Performance 

(UPDATE) - GOLD's bullish structure is still developing.

GOLD recently broke past the $2000 price level, created a higher high and is currently retracing. The overall structure of GOLD has not changed as the market is still forming higher highs and higher lows. As such, traders still have targets set at the top of the channel and the $2050 price level.

Traders Are Still Bullish on GOLD And NGAS

Final thoughts on today’s analysis 

In conclusion, as a trader, it is essential to keep a close eye on the market trends and movements of popular commodities like gold and natural gas (NGAS). Despite the economic and geopolitical uncertainties, these resources have shown resilience and continue to be a popular choice among traders. 

Additionally, keeping an eye on the currency market, such as CADJPY's completion of a structure, can provide valuable insights into potential investment opportunities. As always, it is crucial to conduct thorough research and seek professional advice before making any investment decisions.

Authored by TD Markets
17.04.2023
Technical Analysis
0
3 min
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