Gold, DAX and GBPJPY good setups before the CPI and Retail Sales storm in US

CPI and retails sales, these are two numbers that the market is awaiting now. We will find them out soon but before that let’s look for some decent trading setups on the market.

Gold is having a possibly very strong bearish reversal pattern. We are about to make a double top formation on a resistance combined of 3 crucial Fibonacci retracements. On the daily chart, that double top formation has a shape of two shooting stars. All we need for a sell signal is a breakout of the 1290 USD/oz support.

DAX is about to make a new high but first, they need to get out of the tight range between the 13000 and 12900 points. The buying pressure is rising so the bullish breakout is more likely to happen.

GBPJPY had a rough day yesterday. From heaven to hell and back to heaven. The sentiment is again positive. We defended the 38,2% Fibonacci, we still have a flag and we are above the crucial support on the 147,5. Candle from yesterday is a beautiful hammer. All that is bullish.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis