At the end of the last week and after the sudden emersion of omicron coronavirus, the price of oil faced a dramatic decrease! In the beginning of this week, after a slight consolidation upward, it has fallen even more dipper than the point which was closed previous week.
Right now in this position I guess that the upward correction is about to finish and in...
Gold has been trading in a wedge formation where it has touched the bottom again, a reversal is on the cards which should take the price higher above the $1900 mark as observed on the chart as previous highs have the difference of 75 points.
A great risk reward setup for a long here.
Gold has been resting well, and the rest may have given new life to the
bullish momentum as we are starting to see some progress this month.
An all-time high formed in August 2020 at $2075, and from there,
we saw a decline down through the $2000 psychological area of
support/resistance and below the 50 simple moving average.
Price formed an area of consolidation...
In early July 2021, nearby NYMEX crude oil futures rose to the highest price since 2014 after rising to a high of $76.98 per barrel. The price eclipsed the October 2018 $76.90 high by only eight cents.
The crude oil futures market ran out of upside steam at the early July high and has made lower highs over the past seven weeks. At around the $62 per barrel level...
MCX - Zinc offers 2 opportunity to ride the bullish trend. From the seasonality historical data, it has been always witnessed that by the end of November price starts accumulating demand the demands of the market.
As represented in the above chart, wait for the price to come near our area of interest and wait for other bullish conformations.
Crude Oil is likely making the formation of Inverse Head & Shoulders as the price got rejected at the neckline again which should push it down to make the low of right shoulder. If the neckline is broken without a fall its still a buy and if broken after the pattern gets formed its an obvious bullish breakout.
Gold is pushing towards the downside at the moment, I believe its next pitstop will be the resistance which now became support or the 25-50 moving averages.
You can enter either on the resistance with bullish engulfing candle as confirmation or moving average with bullish engulfing candle.
Copper had a triangle breakout few days ago, it is providing a long entry again as the price is currently retesting the breakout post having a minor correction. Risk reward remains highly favorable given the current setup.
The main view of this trade idea is on the 4-Hour Chart. Gasoline futures (RBOB) appears to be in a bearish flag pattern setup. The pole of the flag can be seen from the sharp decline from 2.55 highs to the initial low at 2.31. Then RBOB began to gingerly channel lower and is currently retesting the 2.31 support level. If RBOB breaks below that...
XAUUSD always looks good for a buying opportunity, its a commodity that does not lose in value and typically its better to buy gold then sell it, you will have more success with it this way.
Also looking at technicals everything is trending towards the upside and a recent bullish engulfing candle confirms the trade to buy.
Hey Traders, today we are monitoring AUDUSD for a buying opportunity around 0.726 zone respecting the bullish trend in combination with the strong daily supply and demand zone. Once we will receive any bullish confirmation the trade will be executed.
Trade Safe, Joe.
Gold against dollar pair trending on a key resistance area, this week analysis suggest that price can come down near 1830 zone, pattern formation of rising wedge also suggest the bearish movement,
analysis only for education purpose