We can see that we had a similar pattern in History with a Divergence. Currently it seems that we could be looking to repeat that same situation.
We can see that are also approaching a double top, this strengthens our Wedge an The divergence.
With XAUUSD In a consolidation zone on the Daily Time Frame and a strong support just below it we can see that there is a lot of room to move to the upside.
However if it breaks to the short side we can expect it to be very violent
Gold has broken through the 38.2 fib level we plotted on our charts yesterday, with bulls now eyeing the $1,313 mark as the next confluence zone $XAUUSD
Sterling started the week trading by gapping lower and since rallied a mear 2% in a few days off the back of two crucial Brexit votes in Parliament. The conclusion being that MPs are no closer to finalising a deal than before, which caused mass uncertainty for traders who struggled to find direction.
The market finds itself trading in between the 50% and 38.2%...
Gold Bulls in control of this trade above the 200MA passing the 38.2% fibo, with a view now of pushing towards $1,313 the 50% Level $XAUUSD.
Where do you think this is going to move?
The Dow Jones had a pretty volatile trading session today following a sharp fall in the shares of Boeing, however somewhat offset by a surge in Apple and Bank of America Stocks.
#stocks @bankofamerica @boeing @apple #dowjones #nyse $APPL $BOA $BA $DJIA $DJI
Now just below the 200 MA - a break above could see a bull run up to the 26K mark.
With the EURUSD hitting a Resistance Zone just below the 1.2500 zone (which is a Major psychological level as well), could we see it move further down, or will it hold to the 61.8% Fibonacci Retracement we have on our Weekly Chart?
Link for the Weekly chart below
$EURUSD weekly chart view, bouncing right from the 61.8 fib level following a 147 point fall yesterday. A move lower could open up a play to the 1.08 level.
AUDCAD Has been moving Between Support, Resistance and Consolidation Zones this past week. Giving nice legs to the up and down side. We are currently at a strong Resistance level, could we finally see it being broken, or will it hold and give another move down?
Have a look at the link, as Philip Explains it.
Gold bears weighing on the market this week following last weeks high of $1,343/oz, making fresh lows today following an uptick of US GDP data. Bears possibly eyeing a move down to $1,300/oz.
The EUR/USD pair eased toward 1.1340, the 38.2% retracement of its latest weekly decline, as only hopes were beyond the early advance. USD firmer across the board as Wall Street soars, Treasury yields hit 2-week highs.
Possible break of a flat top triangle for GBPUSD on the M15 Candle Chart.
This specific pattern gives a possible signal to the up or the down side.
The only thing we can do now is wait and see...
Gold had its largest single-day fall yesterday, by 1.1% falling right down to it's 200 day MA.
Investors could see possible long opportunities here, especially as the US$ remains flat.
If this resistance holds we could see a nice move down, but if it breaks we can look for the move up to at least fill the range of the fake out (false break of resistance)
The Average True Range is an underestimated indicator, especially more so when the coefficient is at the lowest rate since April 2014 (pre negative IR levels).
This could mean a significant move either to the upside or downside imminent as the range sets to turn.
The EURUSD is down over 1.5% this week, and this is mainly due to a rally in the US$, however, the...
