Big morning for Gold prices after CPI was released. CPI printed at an annualized 6.2% for the month of October, the highest read since 1990. But, just last week Powell refused to even entertain the topic of rate hikes, instead saying that the bank was driving for maximum employment. Rates are up slightly but given the higher inflation + dovish Fed, Gold has...
Highlighted this resistance level a couple of weeks ago when it first started to come into play. It's a big level, 50% marker of the 2001-2008 major move. And for three weeks now this level has helped to hold the highs. There's also been a pretty consistent show of support around the 80 handle. At this stage all that's clear is the potential for pullback, and...
Next week should be big for the US Dollar. FOMC is on Wednesday and Non-farm Payrolls on Friday, both big drivers for US markets. Today was meaningful as the bullish trend in USD put in a significant jump, currently showing as a bullish engulf pattern after yesterday saw the currency push down to fresh monthly lows. Buyers held support above the trendline and a...
Crude may be ripe for a pullback here. Bullish trend has remained long and strong and RSI has begun to diverge on the daily chart. Crude has already taken out two major resistance zones this year, the most recent of which was the resistance around six year highs. That zone hasn't yet shown much for support, so if we can get a pullback in crude that becomes an...
The US Dollar set a fresh yearly high earlier this week but, once again, got caught at Fibonacci resistance at 94.47. This is the 38.2% retracement of last year's sell-off and it held the high in late-Sept, just ahead of the Q4 open and it held another advance this week. The corresponding pullback has since held support at prior resistance, taken from the...
Crude pushing up to the same zone that turned around the advance in July. Starts at the 75 handle and runs up to the 2018 high, if bulls can break we're looking at fresh 6.5-7 year highs. support potential on pullbacks 72.80, 70.00
The US Dollar has spent most of the year mean reverting but given this week's FOMC + the technical backdrop are both pointing higher. the 2021 high is at 93.73 and we're already running into this year's resistance zone. The higher lows that have printed of late combined with that horizontal resistance make for an ascending triangle. Bullish.
USD bid after strong retail sales report, FOMC next week and Fed is in a blackout window. 92.89 was resistance over a few iterations earlier in the month, now buyers trying to support the breakout.
While the crypto focus has been on Solana and then Ethereum with each seeing breakouts over the past week, Cardano continues to coil after last week's jump. This is taking the form of a symmetrical wedge, which is indicative of digestion after a really big move. When taken with the prior up-trend, that wedge can be looked at as a bull pennant formation, with...
Gold has had a busy month of August. After breaking down during a 'flash crash' two weeks ago, prices scraped just above the 1680 yearly low. That support held and price action came screaming back in the early portion of last week. That led to a bit of range but on the open of this week, another breakout, with Gold re-engaging back-above the 1800 level. Bulls...
GBP/JPY rode a stellar topside trend through the first five months of this year, eventually finding some resistance in late-May. That led to a pullback that lasted through the first half of July but, more recently, GBP/JPY is threatening to reverse back into the bullish trend. On this four-hour chart is an inverse head and shoulders pattern with a neckline right...
Big move in Gold on the heels of yesterday's FOMC meeting, price propelled right back into a big zone of resistance. Same zone held the highs a couple of weeks ago, and this is around the 50% marker of the June sell-off. Persistent dovishness out of the Fed, whether at meetings or interviews, has helped to bring the bid back to Gold. And the Fed doesn't look...
A big zone is in play in USD/CAD. This is the same area that held the lows coming into 2021, eventually becoming resistance in April before USD/CAD really broke down. The month of June saw support build just above the 1.2000 level, after which prices began to trend higher and continued to do so into this week. On Monday the breakout took on a life of its own,...
been following this through the breakout, posting in late-May as prices were gearing up for a bullish breakout and through June, following that higher. More recently, however, started focusing in on a zone of longer-term resistance that's finally helped to quell the run. Pullback thus far has been bid after a test at the 70 psych level. Bulls don't yet look...
quick scare this morning with a strong move lower overnight. Prices found support around a trendline projection and have since bounced. This trendline essentially connects the lows from the depths of the pandemic, fairly simple to draw. This does, however, beg the question of where that next leg higher is going to come from. With cash flowing into bonds and...
The breakout in oil prices continues, and bulls haven't really looked back. But - a massive spot of possible resistance is nearing on the chart and this might be an opportune area for buyers to take a break. At 75 is a major psychological level that oil hasn't tested in some time. The level at 75.41 is a longer-term Fibo level, and just above that is the current...
USD running on the FOMC rate decision. Likely a lot of short cover in here as the Fed nudged the dots a bit. But this doesn't necessarily spell the end of the bigger picture USD down-trend. Next major area of resistance on my chart, and a possible decision point for USD bears is around the 91.32-91.38 area.
I had shared a long-term USD chart a couple of weeks ago and this is a shorter-term update to that. This week brought a couple of big items with the highlight of Thursday's inflation data. Inflation came in at 5% and markets seemed to quickly brush this off. The USD went right back down to the 90 handle and stock prices pushed back up towards highs. The S&P even...