The gold fell on the 2nd trading day last week as it broke below the bottom of a minor range between 1640 and 1590. However, a strong pullback occurred at 1560 which eventually send the price back to where it started at the end of the week. Despite the prolonged pullback, we expect the price to continue falling this week as most sellers trapped at the bottom...
The dollar climbed through the week despite extremely weak employment data. The NFP result was pretty much expected and the market could already have digested the fact way before the release. During a pandemic where businesses stop running and people stop working across the globe, it's natural that the labour market will suffer a huge blow. The dollar had...
Hey tradomaniacs, welcome to another free trade-plan. Important: This is meant to be a preparation for you. As always we will have to wait for a breakout and confirmation of this Diamond-Pattern. Market Sell: 1,55680 Stop-loss: 1,57600 Target 1: 1,52220 Target 2: 1,51000 Target 3: 1,48900 LEAVE A LIKE AND A COMMENT - I appreciate every...
Can the gold price continue to appreciate? Or is the price too high and unattractive to investors OR perhaps it's another good opportunity to liquidate gold for cash in the face of another probable market crash? We have seen the gold has been ranging throughout the week since it recovered and broke above the key retracement level 61.8%. The demand to store value...
The dollar had one of the biggest falls in more than a decade but not with surprise. It had one of the biggest surges just the week before and therefore the magnitude of the pullback is just understandable. The dollar was in high demand due to large liquidation of gold for cash caused by plunging stock prices. Last week, the stock market rebounded and recovered...
The gold continued to plunge first since it broke below the bottom of a 10-month rising channel. It quickly found support and pulled back strongly just above 1450 and a 7-month demand zone. The rebound also caused a falling trendline in the H1 chart to be broken which led gold into a range between 1450 and 1550. Although the price has continued to create lower...
"Not until the dollar breaks above 100, we will keep a bearish stance" was what I've mentioned in the previous forecast. Apparently, once it broke 100 psychological level, the price surged all the way to 103.8, deep into a 3-year supply zone. Although the Fed has cut rate to almost zero, the demand for the dollar was still high amid panic selling of the stock...
EURUSD fell for 4 consecutive days after facing strong resistance at a 13-month supply zone just before 1.15. The price was saw supported twice around 1.1060 which is also the Fibo retracement 61.8%. However, the price did close more bearish by the time the market close and is most likely to dip lower. Look for buy opportunity as the price pulls back into the...
2 things happened as our forecast last week: 1) The dollar broke new low and reach the 17-month demand zone around 95 2) The dollar pulled back into the supply zone sitting above 97. But what was unexpected was the consecutive gain up to 4 days which caused the dollar to recover more than 75% of the previous bearish trend. It seems that the outbreak of the...
The gold achieved the highest closing price in 85 months last week. The price has climbed continuously throughout the week and regained all losses from the previous week. It is worth to note that three major central banks announced a rate cut in the same week, with one of them been an emergency rate cut and it was none other than the Fed. This is already a very...
The dollar plunged for a second week and the had the biggest dropped in a week in 4 years. The acceleration of the slide was most definitely caused by an emergency rate cut by the Fed. However, the US market labour posted strong employment numbers and a drop in the unemployment rate back to an all-time low. The dollar has probably gone too far into an oversold...
Hey tradomaniacs, right now we can see a clear move into a zone if high potential of bearish confluence as we hit two trendlines and a strong resistannce-zone. This could be a price-zone where the breakout of the previous Trendline (a) could continue. Watch out for fakeouts to the topside before entering. ;-) LEAVE A LIKE AND A COMMENT - I appreciate every...
Price peaked at longterm down fib before starting to slide back down on Higher volume Scenario 1: Test and bounce off of ema (BLUE) for a final retest of 1.9600 and then we can expect a swift retracement down to 61% and we can see the price touching 1.9375 by end of Feb completing a 5 wave pattern Scenario 2: straight meltdown to 61% fib, retest of 1.9500 and...
I left the gold chart almost unchanged from early February. The price movement turned out almost like what I've forecast - a quick pullback and then a new bullish trend to send the price to a new high. This is the power of how repeating pattern is and how you can make great trading decisions. As of current, the gold is expected to continue climbing this...
The dollar broke a 34-month high but faced strong resistance just before reaching 100. The reversal came as soon as the U.S. reported a disappointing Markit manufacturing and services PMI. But what really caused the dollar to fall is simply due to overbought sentiment. The pullback is most likely temporary but the price is most likely to retrace further before it...
The dollar rose for the 2nd consecutive week and reached a 4-month supply zone. Fed Chairman Powell was hawkish in his last testimony and inflation rate hit a 15-month high. Combining the development of the technical price and the underlying fundamentals, the dollar will eventually break new high again. However, the dollar might be too overbought and may pull back...
The dollar has climbed for 5 consecutive days last week. The U.S. economic data released were all better than forecast except for manufacturing PMI that's somewhat shrinking. During NFP, the dollar had a temporary pullback, probably due to overbought sentiment, but quickly picked up again and broke a 4-month high. As the price continues to create higher highs and...