Forex Trade Setups Commentary: Gold market storms higher, AUDJPY forms solid pin bar, 10-5-10

Gold:

Today, Gold upper assault breaking past $ 1340.00 per ounce as the inside bar installation from yesterday broke upward and injected even more fuel in this run via uptrend.

Take a look at the daily chart below gold, notice how many excellent price action configurations form within this trend that price action traders could have benefited handsomely (hindsight is a wonderful thing, we only hope that you have on some of these configurations!).While acknowledging the fact chart that today is taking advantage of hindsight, we discussed some of these action settings of gold price in recent comments in the past two months, in particular our recent discussion of a setup fakey in gold.

For more information on negotiating price action in the gold market click here: price action trend trading with gold.

AUDJPY:

To recap yesterday is the comment, AUDJPY did finish rotating bottom but not enough make support weekly near 79.50, instead Pushing the currency pair's recent support daily near 79.80 before rejecting these lower prices and forming a bullish pin bar to close the day.

The bias is positive, up or down if the price wheel passed 79.80, AUDJPY shows signs of having the potential to push the resistance around 81.40 and possibly beyond.

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Comment:

The dollar fell largely today after the Bank of Japan surprisingly cut interest rates that worked to fuel speculation that other countries will take additional steps to give fresh fuel to the global economic recovery.

Gold has made another record high today as bullion moved over $ 1,340 per ounce, oil moved to a fresh high 2 months on the back of a US dollar much weaker. Copper also pushed higher, hitting its highest level since July 2008.

The euro has moved to its highest level since February this year against the dollar on fears that a more quantitative easing in the United States might further weaken the dollar.

Shortly before the u.s. stock market near the Dow was 183.08 points, or 1.70%, S & P 500 was 22.44 points or 1.97 percent and the Nasdaq jumped 50.94 points or 2.17 percent.