On the 13/14th November, Gold found buyers at circa $2540 per troy ounce.
The move up to a high of $2710 at the end of the week, looks impulsive, with no sign of sellers apart from some small pullbacks.
The moving averages have crossed over too and are now in a bullish order with angle (pointing upwards) and separation.
Next week, we may see a pullback in...
Price is moving within a strong uptrend.
Tuesdays daily candle tested the lows and rejected them forming a Hammer candle (also known as a low test candle).
This may be the beginning of a new impulse of buying.
Look for buy setups that meet your strategy rules.
Examining the weekly chart, we see that price has printed a weekly close below 0.5886 which previously acted as support in April and July this year.
This could be an indication of further downside to come.
The next support at 0.5807 was tested over a year ago in October 2023 but could be a target for any short trades if you agree with the analysis.
Since August this year, price had been trapped inside a daily range of 1.4900 to 1.5160
Price finally printed a daily close below 1.4900 last week and continued to push down until finding trendline support which originated in February.
With price closing at 1.4845 last week, there are 55 pips back to 1.4900 where there is a possibility of price retesting next...
EUR/GBP has printed a bullish rejection of the sloping trendline coupled with MACD divergence. This may be at the beginning of another push to the upside.
GBP was one of the weakest currencies on Tuesday after 'Claimant Count Change' data was released. This is the change in the number of people claiming unemployment-related benefits during the previous month and...
Price has now broken out of the bullish parallel channel seen formed over September and November this year.
With 6 (bearish close) eight hour candles at the end of last week, we may see a pullback in the new trading week and then possibly a sell setup depending on price action and your strategy rules.
After printing an all time high at circa $2790 per troy ounce last month, Gold has been making a steady decline over November. The bullish run could previously be seen in an upward channel, but with price now breaking out and closing below the channel, we could be now looking a change of sentiment.
At the end of last week, Gold was looking to be retesting the...
Price has made a clear break of the descending trendline and is currently correcting. Look for a resurgence of buying for the next impulse. We may see price retest the broken trendline before regaining its upward momentum.
Price has been moving within a daily range between 1.49 and 1.5150 since August this year. Currently, price is testing the top of the range (resistance) and printed a bearish close on Friday. Could this be the start of another rejection? Any sell setups next week, could be the beginning of a 200+ move down to the base of the range.
Gold printed an all time high on 30th October this year as the bullish trend continues. Something to notice is the divergence between what price is doing and what the MACD is doing. There's a higher high in price (most recently) with a lower high in the MACD. This is a potential sign of weakness in the buying strength. This could be temporary as the market begins...
We are seeing a similar pattern currently to what we saw over July and August this year.
Price is in a falling wedge pattern with the MACD showing higher lows (whereas price is showing lower lows).
Watch for a break out to the upside.
Price has dropped around 500 pips from its 1.3433 peak at the end of September to 1.2906 at the end of last week.
What's interesting is that price now sits at the trendline. Will price break or bounce? Traders already in sells may be inclined to take full or partial profits at this point.
Traders who are not in the GBP/USD market should consider sitting and...
Price is moving within a weekly uptrend, with the most recent higher high printing at the end of September last month. Currently correcting, price is finding support circa 0.9165 for the third week in a row. Potentially smaller, bullish changes in cycle could be the start of a new weekly impulse back up to major resistance at the 0.9500 zone.
Since breaking out of its daily correction, Gold has been super strong with price now hitting the -27% Fib extension level. Any corrections could be opportunities to buy with a view to price heading towards the -61.8% Fib extension level. Will it finally reverse there?
Price has now corrected to the 61.8% Fibonacci retracement level. The correction may be over and we could see buyers push price higher, breaking out of the structure and towards the -27% Fib extension level. Look for buy setups that meet your strategy rules.
Price has been selling off impulsively since it's double top/rejection of 1.1200 in August and September this year. We may start to see a correction now, with a Hammer candle being printed over the last 2 days of trading. Is this a sign of selling exhaustion? Watch the Fibonacci retracement levels as they could act as a target for buyers and an area where sellers...
After 9 consecutive bullish daily closes, USD/CAD printed a Shooting Star candle after retesting the broken daily trendline. There is potentially some downside to follow if we break the low.
A significantly weaker NZD compared to AUD is pushing AUD/NZD higher. With a clear bullish sentiment on the daily chart, we might see resistance at 1.1150 tested again.
