Gold is in the first strongest intraday rally in the new year of 2014 trading at a 5-week high. Looking at gold chart, we see that this yellow metal has corrected for more than a year now. It seems gold could be making a triangle or a flat. As we have consecutive abc’s in the […]
CRUDE OIL: With a third day of strength seen on Thursday, further upside offensive is envisaged. This development leaves the commodity targeting the 98.18 level, representing its 200 ema with a violation of here turning focus to the 99.38 level, representing its Dec 31 2013 high. We may see a pull back threat at this […]
Each time we see the daily charts form some type of bullish pattern gold market traders become instantly bullish. And each time this happens they get another reality check about their trading technique of trying to pick a bottom. I just published a book in December which teaches readers how to identify trends and stages […]
Overview: Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,247.98 on high volume. We can observe rejection on the high volume from our FR 61.8 % at 1,230.00 which caused an upward movement. Since the price has broken in the background the level of 1,254.00, […]
Crude prices fell during Asian trading hours on Thursday, dropping for the first time in four days amid speculation fuel demand from China will slowdown, following the release of the downbeat manufacturing data from China. The North American West Texas Intermediate for March delivery lost 0.04% to $96.70 per barrel on the New York Mercantile […]
Gold price has made a double top around the price level of $1,260. Short-term trend has changed to down as the price has broken short-term support trend line. There are more chances now that the upward corrective move from $1,180 is over than incomplete. We believe the top is in. Gold price is making lower […]
China Worries Spook Markets Morning Report: 08.45 London • The day is still young, yet we’ve already seen a volatile session across Asia. Chinese manufacturing data came in below estimates at 49.6, a level that in theory implies contraction. • Commodities and commodity related currencies have been hit hard, with the AUD/JPY off by […]
Gold prices come under pressure with the strong dollar being likely to reduce demand for yellow metal. The metal is likely to remain under pressure before the Fed meeting this month end. Traders eye on FOMC meeting, what the outcome will be? IF the US Fed further cuts its bond purchasing program, the journey of […]
Technical outlook and chart setups: 1. Gold fails at $1,268.00 and retraces lower taking out support at sub $1,235.00 levels during early trading hours today. It is recommended to sell on rallies towards $1,249.00/50.00 from here on. Risk remains at $1,262.00/65.00. 2. Immediate resistance is now at $1,260.00/61.00 (intermediary), followed by $1,267.00/68.00, while supports are […]
GOLD: The commodity remains weak and vulnerable to the downside following its Tuesday failed recovery. As long as the 1,267.75 level, its Dec 10’2013 high and its declining trendline continue to hold as resistance, risk remains lower. Support comes in at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent […]
Robert Prechter: “Charts tell the truth. Let’s look at some charts.” By Elliott Wave International During QE3, the latest round of the Fed’s quantitative easing, the stock market rose. We all know that. But did you also know that commodities fell? That’s right: QE3 had zero effect on commodities — or maybe even a negative […]
The upward correction in Gold prices from $1,180 will soon reach an end. Prices could very well have already topped and the downward move could already have started. However as long as prices trade above $1,234 there is still a chance that we can see gold prices reach $1,270. Gold’s rising wedge seems broken but […]
Overview: Since our last analysis, gold has been trading sideways, around the price of 1,242.00, we are still waiting for bullish movement and a possible test of previous swing high at 1,260.00.We can observe lacking of supply and volume leveling off around the price of 1,238.00, which is a good sign that gold may start […]
Gold futures extended declines seen on Tuesday as speculations on the US central bank’s next move may hurt the commodity market. Gold futures traded 0.21% lower at $1,239.10 per ounce. The yellow metal is expected to extend declines this year as gains in the stock markets lower the need for the metal, according to Morgan […]
Markets head for five year high Morning Report: 08.30 London • This morning, European stock markets are heading for their highest levels for five years as liquidity fears ease across Asia. The S&P 500 futures are currently just below right levels after a volatile session yesterday. • The Australian dollar is the […]
Those who trade gold caused the precious metal to rise to it highest price in six weeks on Jan. 20, as global market participants became more optimistic about the commodity. Gold futures scheduled for February delivery rose to as much as $1,261.30 per ounce on the Comex division of the New York Mercantile Exchange, according […]
Crude oil trading resulted in the commodity falling in price on Jan. 20, as global market participants responded to data pointing to lackluster economic conditions in China. February U.S. crude futures reached $93.70 per barrel during the day on the New York Mercantile Exchange, according to The Associated Press. In addition, March Brent crude contracts […]
Daily chart After several days of indecision Crude Oil finally was picking up Tuesday with a large candle of decision. Although it was not sufficient to break the top line of its trading range as the 5/8 (green line), however, it shows us that the force is on the side of buyers. Therefore, we can […]
Gold rallies on inconsistent economic growth in the US and Festival demand in China. Traders eye at the January 28-29 Fed meeting. On the other hand, Chinese seasonal demand increased, due to the Spring festival that will begin on January 31. In India the wedding season has started, due to which the demand for physical […]
Overview: Since our last analysis, gold has been trading downwards, as we expected, the price tested the level of 1,242.90 on high volume (selling climax) according to M30 timeframe.We can also observe selling climax and testing of our FR 61.8 % at 1,244.00. Since the price has broken the level of 1,254.00, we may expect […]
Gold dropped from its six-week highs on Tuesday, trimming recent gains as investors speculate over the impact the recent bullish streak may affect physical demand for the metal. Market participants are keeping a close eye on the next US Federal Reserve (Fed) meeting which has also sparked speculations. Gold deliveries for February delivery came in […]
Yen slumps after China liquidity injection Morning Report: 08.15 London • Whether connected or not, there was a notable slump in the yen this morning after China pushed money into its banks ahead of the Chinese new year. • The USD/JPY is up 0.5%, the EUR/JPY & GBP/JPY up around 0.39%. The AUD/JPY is […]
Gold prices although managed to make a new higher high above $1,256, it did not manage to move much higher or touch the important resistance at $1,270. Prices look like they are taking another turn down and we should be very cautious as a short-term sell signal could be triggered once the purple trend lines […]
Technical outlook and chart setups: 1. Gold remains unchanged from yesterday at $1,253.00/54.00 levels at the moment. A push through is expected towards $1,267.00/70.00, before a meaningful pullback occurs. It is recommended to remain flat for now and initiate short positions higher. 2. Immediate resistance is at $1,267.00/68.00, while support is spread through $1,240.00, followed […]
CRUDE OIL: With Crude Oil’s two-week recovery halted due to consolidation threats, the risk remains to the downside. Its present bear tone is suggestive of more declines with a push lower likely towards the 93.36/00 level, represent its Jan 102014/psycho level. Below here if seen will pave the way for a run at the 92.43 […]
Overview: Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,261.23 on average volume according to M30 timeframe.We can also observe that demand has entered the market at 1,237.50 which caused the price to start bullish movement. Since the price has broken the level of 1,254.00, […]
Gold prices continued their upward bounce from $1,180. Our initial bounce target was $1,270. At $1,256, prices made a short term bearish reversal, but the important intermediate support low at $1,220 was never broken. Support was held and prices managed to break above short-term resistance at $1,248 and made a new higher high at $1,260. […]
China GDP relief Morning Report: 08.30 London • We’ve had some early volatility this morning as Chinese GDP came in just above forecasts to general relief across Asia. The data hasn’t quite translated into a bullish start to the day for US and European equities, but it has given the Australian dollar some positive momentum. […]
Gold ended the week on a high note close above the 4 weeks high. Gold prices trading near major crucial juncture either break down or short term breakout rally towards up. This new year, gold started its run on a bullish note in a bear market, framed a classic bottom and fitted with higher low […]
Daily chart Crude Oil ended last week with a Doji of indecision and formed a new maximum although not very far from the previous one. Although it is located in a area of purchase and has been traded at the 4/8 line (blue line) and on its pivot weekly that is located at 93.48 , […]
