Brent have two recent bottoms 1.June 2023 ($72) and 2. August 2023 ($82.5) and has rallied more than 33% since July. The rally still looks to be continuing without till 496, $98.5 and $100 very soon. Given the strong momentum buildup and supply cuts from OPEC+ has given the oil a due rally which the cartel was expecting since June 2023.
Technically speaking...
In the H4 TF, XAUUSD is currently respecting the strong support level of 1955.19. If the current H4 candlestick could close and form an engulfing candlestick pattern plus the previous imperfect bearish tail bar, then this is a strong signal for the xauusd to push up to the 1982.82 resistance level.
XAUUSD'S CURRENT MARKET CONDITION: LARGE RANGE. It's in a...
According to the given data, it seems that silver is currently positioned at the peak of a bearish channel and has encountered a decline trend line from October 2011. Moreover, it has already reacted to this trend line, and it is anticipated that it will undergo further decline.
Similarly, gold miners are facing a comparable situation with a similar percentage...
hello guys!
as you may know, yesterday oil decreased a lot and for a commodity like oil, average weekly movement is 80 pip (weekly atr=80) but this week, wti move 140 pip so far, so I predict that this 2 remaining days it will to correct last move and when touch that gray zone and trendline at same time, moving downward until the demand zone.
thank you for your...
Our previous forecast for Silver came true, as we anticipated the drop that took place last week
As it stands, in the coming days, we expect the price to pullback towards the resistance area and continue to drop towards the support level. There is a possibility for the bearish momentum to increase even more and head towards the $23 level, but that won’t affect the...
The Bears are off to a good start after reaching our turnaround zone. After a spot landing on the 78.6% Retracement at $2001 price has dropped over $50, and we left our yellow target zone. We take that as a positive sign for further selloffs. However, a first good quarter doesn't make the game. We desperately need to break the red support line at $1916. Only if...
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Energies spent a greater part of the week consolidating before collapsing on Thursday. Heading into next the outlook looks bullish as
economic data from across the globe is picking up the space in the positive direction.
Technically, ascending triangle and trend lines show Gold is still looking on an up trend with bullish indicators. However, fundamentals of Fed Cut could lead to a large reversal, breaking bottom trend line and sinking below $1400. The RSI isn't showing overly overbought or undersold, so there may be some technical support/resistance from a break out either way....
