Prasad_Ari

Prasad_Ari

Gold has created a weak high which is supported by -Ve Divergence and also at the top edge of the channel.. It doesn't seems to have strength to push any further!! Gold seems to in the similar situation back in August 2022 (-Ve Divergence), let's wait watch for the next few trading sessions and good luck with trading in new year 2023!!

Prasad_Ari

It appears to be $60 correction for Gold is in the horizon. There is good chance to retest the $1830 level before making it's next move!

Prasad_Ari

We have potentially two possible scenarios: 1) With the possible recession in 2023 will put a pressure on WTI with a trading range of $60-$75?? or 2) China reopening, OPEC+ tweaking the supply and other global macro economic factors will put WTU in the trading range of $75-$100. Jim Cramer thinks WTI will start seeing uptrend . Let's wait and watch!!

Prasad_Ari

If Gold break the $1800 floor, that will open up a possible scenario of retesting the $1700 level!!

Prasad_Ari

In my view has a higher probability to break below $82 to $80 and then to $77 before it bounce back!!

Prasad_Ari Updated 

With the recent Cold freeze in Texas has caused some supply disruption and also triggered more demand for the energy. This puts a pressure on the inventories. Oil is still trading in the HTF strong resistance area & seems lost steam for the upward momentum. I believe Oil is all set for the trend reversal. In 1hr Chart Oil is currently trading below 20EMA and...

Prasad_Ari

Today Gold has retested the Nov 30th, 2020 & Feb 19th, 2021 lows, which created double (triple) bottom!! Todays' unexpended raise in the Bond Yields has led to the Gold selloff! Gold should bounce back from here as selling pressure eases off and buyer returns at this level!!

Prasad_Ari Updated 

Oil had a very nice rally (30%) since November, also the OPEC+ decision of cutting supply of 2M barrels/day has pushed the prices to $60 level. From April the Saudi is planning to increase the crude oil production to 12.3M Barrels/Day. The Increased supply, reduced demand from China, Oil entering in to the strong technical resistance area etc. factors...

Prasad_Ari Updated 

Gold recently under the selling pressure as corporations are readjusting their portfolio, Preferring Crypto & other precious metals as an alternative e.g., Recently BlackRock sold 2.7Millon SPDR Gold Shares (GLD). Even the latest inflation data (PPI) doesn’t seem to have any +VE impact on gold yet!! Currently Gold is trading at the support level, which...

Prasad_Ari

Higher bond yields, Bullish Crypto etc. factors put pressure on Gold .. From this point I expect to bounce back to $1840'ish area.

Prasad_Ari Updated 

Gold is facing selling pressure. May be Bitcoin & Stocks are pulling some oxygen out of Gold!! Gold is still bullish in the Long Term (Monthly) Charts. Short Term, there is a high probability of Gold retesting $1775 support again. Anyway, time will tell!!

Prasad_Ari Updated 

Bullish scenario : Gold appears to be forming Reverse Head & Shoulder Pattern in the 4hr Chart, if it confirms Gold might break out to $1900+ Bearish Scenario: Gold is currently trading between 200DMA & 50DMA. Today it bounced off from 200DMA ($1821) , If it break downwards it might retest the November 2020 low $1790

Prasad_Ari

Is weakness in Gold continuous next week too?? Gold has closed below 200DMA which gives an technical edge to Short Sellers/ Bears?? Next week trading will be interesting!!

Prasad_Ari Updated 

Gold is trading within the channel $1870 & $1840. Yesterday and today Gold Trading is classic Text Book Trades :)

Prasad_Ari

**Currently Gold is moving within the bullish trading channel and confirmed by the Volume Flow Indicator **In the short-term Gold might go through little bumps before it takes off to a NEW PEAK **It's Above 50DMA and slightly below 20DMA, Short-term bumps are normal during the Accumulation stage

Prasad_Ari Updated 

It will be clear in the next couple of days! If I look at the Fundamentals Oil is going down, So "Short"!! What's your call?

Prasad_Ari Updated 

Crude Oil (WTI) is below 8EMA, May be it's time to exit Long!

Prasad_Ari Updated 

Gold: Bouncing off from the support!