Looking at the H4 chart, my overall bias for Z01! is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a sell stop entry at 378.250, where tyhe 38.2% Fibonacci line is. Stop loss will be at 390.500, where the previous swing high is. Take profit will be at 362.500, where the 61.8% Fibonacci line is. Please be...
Gold traded with little volatility despite the overnight fluctuation of the DXY, with the price maintaining around the 1750 price level. Look for a potential breakout on Gold, if the price is able to trade above the 1760 level, with the next key resistance level at 1785. However, for Gold to trade sustainably higher, it is anticipated that the DXY would have...
Gold fluctuated strongly overnight as the price spiked down to the 1726 price level before surging strongly to the upside. Breaking above the 1745 interim resistance level, Gold is currently trading at the 1755 price level. This move higher is primarily due to the current weakness of the DXY. Look for Gold to continue trading higher toward the 1780 price...
Short term Elliott Wave View in Silver (XAGUSD) suggests cycle from 7.14.2022 low completed as a flat structure. Up from 7.14.2022 low, wave A ended at 20.86 and pullback in wave B ended at 18.07 as another flat correction. Up from there, Index rallied in another 5 waves in lesser degree. Wave ((i)) ended at 18.94 and wave ((ii)) ended at 18.26. Silver resumed...
Palladium - Intraday - We look to Sell at 1978.8 (stop at 2002.1) Previous support at 1980 now becomes resistance. Short term bias has turned negative. Preferred trade is to sell into rallies. 1985 has been pivotal. Our profit targets will be 1921.1 and 1911.1 Resistance: 1940 / 1960 / 1980 Support: 1915 / 1900 / 1880 Risk Disclaimer The trade ideas...
Daily retest of supply zone and a violet volatility break downwards. Plenty of bearish momentum on the lower high, strength lies with the bears. I think we will smash through any support zones on the way.
Gold traded in a tight range between 1748 and 1765 through the Friday session, failing to break significantly higher despite the weakness in the DXY. As markets consider the risk of a recession in the US and develop a stronger risk-off sentiment, further upside on Gold can be anticipated. Look for the price to break above the 1770 price level to signal more...
Despite having bounced strongly from the 1617 support level, Gold consolidates along the 1680 price level. As the price consolidates and fails to break higher, this signals the potential for a reversal. A reversal in Gold could also be driven by a recovery in the strength of the DXY. Look for the price to break below 1660 to indicate a downside potential, with...
By the end of 2022, the price of iron ore is expected to hit their lowest level in three or four years as global demand for the commodity continues to slow down, particularly from China, the world's largest consumer of iron ore. In recent years, China has been cutting down its iron ore demand especially after the government placed restrictions on the industry to...
Does history repeat itself? It looks like it might, especially in the case of Gold. Having found strong support at the 1617 price level (and DXY weakening significantly) Gold showed a really strong upside move, as the price shot up toward the 1680 price level. This similar price movement happened at the end of September too. With the price bouncing off the...
Natural Gas's all-time price action/chart suggest that it is due for a sizeable, generational bull run, to start within the next 3 years. One could blame it on war or climate change or politics but I am not smart enough to determine which may be the actual cause, if any. I can instead deduct from NGAS' wavemap that we are unlikely to enjoy the low prices we've...
Massive daily green candle broke out of 3-month pennant and gaussian channel after bouncing off multiple moving averages, most importantly the 200 week SMA. The move also has the highest volume since March. Long RSI trend has been broken too. Back in July, I called for a bottom and an accumulation phase for copper (See Below). It played out. Price needs to take...
The pound had rallied against the Aussie for a while. But then we went into a large consolidation pattern. This looks to have fake'breaked to the upside and now is making moves lower. We could get a continuation pattern at a break of this morning's lows. The best thing to do would be to overlay a Wyckoff schematic and see if it could be the end of a distribution period.
Looking at the 4h-timeframe chart of Gold, the following can be observed: the price is pulling back to re-test the 1658 - 1659 area of previously penetrated support which now serves as a zone of resistance. The same area nicely lines up with the 0.786 Fibonacci retracement level. Once that specific key zone is reached, we are looking into closely monitoring the...
Gold bounces from the 1620 support level as its price forms a double bottom. Similar to what happened on 28th September, the price bounced from the 1620 support to test the 1660 resistance level, and retraced briefly before breaking higher again. Looking at the current price movement, Gold could climb to test the 1660 resistance level again. And if the price...
Short term Elliott Wave view on Gold (XAUUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding in 3 waves to complete a double correction. Down from 10.04.2022 high, wave (i) ended at 1700.00 and rally in wave (ii) ended at 1725.78. Then XAUUSD resumes the drop as wave (iii). Internal...
Short term Elliott Wave view on Silver (XAGUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding as a 5 waves impulse. Down from 10.04.2022 high, wave ((i)) ended at 19.92 and rally in wave ((ii)) ended at 20.87. Then silver resumes the drop as wave ((iii)). Internal subdivision has...
After price failed to make a new lower low this morning at 4 AM, the downtrend appears to be coming to an end. Now that price breached the neckline and sustained the breakout, I am anticipating further upside for the next few days.