Daily Analysis – Chart of the Day
Spot gold came on strong following a pin bar launched off the psychologically important $1700.00 round number level.
The Japanese yen regained it’s lost ground vs the US dollar today using a pin bar formation from the end of yesterday’s session on the H4 chart. This set up can be highly profitable for traders using the Forex Market Master strategies for trading pin bar entries.
For more information and in-depth analysis of additional currency pairs, check out the exclusive ‘Members’ community that’s included with the FOREX Market Master Risk Analysis and Price Action Trading Course.
The US dollar index fell substantially today. Fed Chair Bernanke’s speech at the annual Jackson Hole conference gave no insight to whether the Fed will initiate some sort of QE3, but did say the Fed can do more to help the economy.
Equity & other Markets
DOW finished up +1.21% (134.72) @ 11,284.54
S&P 500 finished up +1.51% (17.53) @ 1,176.80
NASDAQ finished up +2.49% (60.22) @ 2,479.85
Spot Gold was up +2.63% (5.90) @ 1,806.00
Oil was up +0.18% (0.35) @ 85.48
U.S. stocks gained broadly after Bernanke’s Jackson Hole speech with the DOW up for the week for the first time in the past four weeks. Volume was light with many traders heading for the exits early ahead of Hurricane Irene, which is expected to hit the NY area sometime this weekend.
On The Calendar
Nothing of importance on the calendar for Sunday, 28 August 2011