30th March DXY consolidating along 102.60, break to the 102 support level NZDUSD: buy 0.6250 SL 20 TP 40 AUDUSD: buy 0.6720 SL 20 TP 40 USDJPY: wait for retrace, buy 132 or 131.80 to 133 TP 100 SL 30 GBPUSD: no trade, look for price to test 1.24 EURUSD: buy 1.0870 SL 20 TP 50 USDCHF: sell down 0.9160 SL 20 TP 55 (hesitation at 0.9140) USDCAD: further...
Similar to the DXY, Gold has been trading with no clear directional bias with the price fluctuating along the 1965 price level Anticipating further downside on the DXY and as Gold maintains supported by the upward trendline, look out for a possible breakout to the upside. A confirmation of the move to the upside would be signaled if the price breaks above 1980,...
Gold continues to trade with no clear directional bias as the 1970 resistance level continues to limit significant upward moves. As the DXY consolidates between 102 and 102.50, Gold is likely to maintain within the current range of 1936 and 1970. Although the longer term view of the US Dollar is for further weakness, the current retracement on the DXY is...
Previously, it was observed and expected that Crude was to bounce. Instead, Crude made a dive down and out of the boxed range. For a moment, took a second take on the analysis and decided that it might have been a bit before its time, since the longer term pointed to two trends; crude to go up and USD to go down. So, a chance came when USO triggered twice in the...
The double top chart pattern discussed yesterday on the H4 and H1 timeframe worked out nicely as Gold broke below 1970 to trade down, pausing at the 1945 price level. Although the price retraced slightly higher, Gold is likely to continue trading within the wide range of 1936 and 2000 (1970 the mid way mark), with the key resistance level proving very hard to...
Hello, sorry I didn't make it to the live stream today, but I will quickly go over what I see for the week ahead. Hopefully I will make it for the Wednesday Live Stream Market Updates. Thank you
Oil looks in correction phase after reaching the support demand zone at area 64 and currenting heading back up to the downtrend upper channel possibly at area 75. Oil is still in its downtrend channel and possibly next target, if the support breaks, into next support and demand zone at area 50.
On the H4 timeframe, Gold forms a double top chart pattern (20th March & 24th March) as the 2000 level holds strong resisting further upside moves. On the H1 timeframe, a similar double-top formation is formed on the 24h of March. It is likely that the recent strength of the DXY and the formation of these chart patterns led to Gold trading lower, to the 1970...
With central banks having to promise they would deal with the liquidity crisis that is apparently everywhere and avoid another 2008-style meltdown of the industry. Crude oil prices came off their lows as the near-term outlook for the banking sector improved, easing concerns about an economic slowdown later in the year. Markets are also holding out for more cues...
Gold approaches 2000 again. But it looks like Gold could reject 2000 again. The last time when Gold reach the 2000 level (and breached it slightly by forming a new high of 2008) the price retraced down to the 61.8% fib level, which was 1940 price area. A confirmation of a stronger retracement to the downside would be signaled if the price trades below the 1977...
FOMC data dose not in favoure of us dollar index we have seen a sudden rise during this time. i am expecting here more rise and price will create double top structure around 2010 zone and then may drop down
After a sharp decline on Tuesday, Gold is now balancing slightly above our 38,2% retracement on the Fibonacci. Given that we have the Fed rate announcement on Wednesday evening, we will take a cautious approach and wait for the decision first, before getting comfortable with either of the short-term directional moves. From the technical perspective, a break below...
Gold retraced strongly following the move to the 2000 price level. Forming a head and shoulder pattern, Gold traded down to the 1938 price level which coincides with the 61.8% Fibonacci retracement price level The next directional move on Gold is going to be highly dependent on the volatility of the DXY, especially with the FOMC interest rate decision due. In...
21st March (might not be alot of trading opportunities) DXY consolidating possible breakout down to 103 NZDUSD: too late, no trade AUDUSD: buy above 0.67 SL 20 TP 20 (small trade) USDJPY: break 131.50 SL 40 TP 80 GBPUSD: retrace down to 1.22 EURUSD: likely to up to 1.0760 but not great RR trade USDCHF: sell below 0.9280 SL 20 TP 40 USDCAD: watch video...
During the trading session yesterday, Gold broke above the round number level of 2000 to reach a high of 2009.55. However, the move higher was brief as Gold quickly retraced to consolidate along the 1982 price level. Further upside is anticipated for Gold if the price stays above the support level of 1960 which coincides with the 38.20% Fibonacci retracement...
20th March DXY retest bearish trendline, down to 103.50 NZDUSD: Buy 0.6260 SL 25 TP 50 AUDUSD: buy above 0.6735 SL 20 TP 40 (later than NZDUSD) USDJPY: below 130.60 SL 30 TP 60 (quick) GBPUSD: Buy break of 1.22 SL 80 TP 160 (BOE Decision Thursday) EURUSD: Buying above 1.7 SL 20 TP 100 (trailing stop loss) GBPJPY: buy from bounce of support 159.00 SL 50 TP...
Gold traded significantly higher last week, due to several key events; 1) gross market uncertainty increased as banks collapse (SVB and Credit Suisse). 2) flight toward the reserve commodity 3) weakness in the DXY Currently, the price is retracing and is trading along the 1973 price level, with further downside expected. The price is likely to test the support...
Looking at the Goldman Sachs Commodity Index and how the prices went up dramatically from the Covid lockdown, i would say that there is still room for a final rally, before a major correction in 2024. The chart is self-explanatory. Looking forward to read your opinion about this.