Gold is in consolidation - the pattern could be a pennant or flag. Within the pennant gold is difficult , as price winds and consolidates within a smaller zone between 1809 and 1980. The interest lies in which way the pennant is broken. As this may offer a clearer direction for this metal and possible targets.
An idea for the sell of Copper , if an ABCD pattern (Large N Wave) is considered. A time to look for a short would be the Fibonacci .618 retracement , which would be confluent with the potential trendline resistance. Keep an eye on 4.10 and maybe there is movement to 3.850 A possible timeframe is suggested at bottom of the chart - Kihon Suchi periods 9 and 42.
IF we look at price movement from the Pandemic low through the Pandemic High , it is apparent the S&P 500 is in the Corrective Phase. Markets tend to move down in 3 waves. It appears Waves A and B are complete, with the final leg down Wave C to complete. Assuming the price is balanced when it is at the midpoint of the highest high and the lowest low, the...
Gold has made a significant outside bar yesterday. Price action tends to correct such large moves. In the recent move down with large bearish daily candles there is 1 to 2 days of correction. Buy now and look to exit between the daily Tenkan Sen and Kijun Sen , as these are the likely balanced price for today.
Fundamentals : Suggest the USD is the stronger currency for the near term. Fed is hawkish , and balance of recent economic data is positive. Existing Home Sales 557M ( 551M) , Building Permits 1153M (1136M) , Retail Sales 0.6% (0.2%), Core CPI 0.2 (0.2) , PPI 0.5% (0.4%) NFP 287K (11K) . RBA is dovish, signalling a "live" upcoming rate decision in August. ...