The yellow metal is trading at $1,198 during Asia’s trading session. It looks very weak in the charts. After the Fed announcement, gold lost its shine, now we are reaching to holiday season and traders are in festive mood. We do not expect any big up/down moves from these levels. Support 1,290 1,287 […]
Weekly chart Crude Oil started the week with a slight drop from 99.18 to 98.63 after posting timid economic performance by the United States fully inverting all quiet due to the upcoming Christmas holiday. Thus the term CL finding support on its second monthly resistance which incidentally is very close to its weekly pivot located […]
Overview: Since our last analysis, Gold has been trading sideways, around the price of 1,198.00. We are still waiting for further downward movement. According to the 4H chart, we can observe lack of demand at price 1,205.00 which may be a sign of further bearish continuation. We are still likely to see it testing the […]
Gold is making an upward bounce after reaching near its 1,179 lows. Prices remain in a downward trend in all time frames and this upward bounce is still considered corrective. Prices continue to trade below the trend line resistance levels and the final 5th wave we believe we are in has still more room to […]
Pound nudges ahead in quiet trading Morning Report: 08.30 London • As is typical of most pre Christmas trading, markets appear to be winding down with significant movement to speak of. Stock markets have continued their bull run, with the S&P 500 posting another small gain this morning. • The pound is also continuing to perform well, […]
Gold rebounded from lower level buying and managed to close above $1,200 levels. The short-term view of gold is purely negative. Gold yearly high is at $1,694. Currently, gold is holding its uneconomical level at $1,200. The miners will cut production if gold below $1,200. Till now we did not get the goal post (bottom) […]
Monthly chart The chart shows Crude Oil with a bullish engulfing candle. Although even the month is not over, it is very likely that prices ending above its weekly pivot which is located at 98.25 because during last week prices closed above 99.00. It seems that the markets may be focusing on the fact that […]
Technical outlook and chart setups: The metal is making lower lows and lower highs and till the time it continues, there is no reason to believe that the trend has changed. As depicted here, at the moment, resistance is seen around the $1,210/20 region, and fresh short positions can be initiated if the price reaches […]
Daily chart Crude oil continued to advance with caution during the Thursday session reaching a maximum of 99.23 and then withdraw and close very close to her daily pivot. Currently, it is trading very close to yesterday’s close and the next resistance is at 99.40 where its first daily resistance which would be only a […]
Overview: Since our last analysis, Gold has been trading downward movement, as we expected. The price tested level of 1,187.86 on very high volume. Thus, we are still waiting for further downward movement. According to the 4H chart, we can observe supply on high volume which may be a sign for further bearish continuation. We […]
Gold prices are unfolding in a downward impulsive move which we label as wave 5 of the decline that started at 1,360. We expect prices to continue lower towards our Head and shoulders target of 1,140. First support area is the previous low at 1,179 which can provide a small upward bounce. Trend remains downward […]
Festive Cheer as Gold Rebounds Morning Report: 08.30 London • This morning, the dollar index is still dominated market movements, with the yen pairs continuing their ascent. • In other dollar pairs, the EUR/USD still struggling, while in commodities, Silver is struggling in the face of dollar strength. • This seems to matter little to […]
A longer-term bull becomes a longer-term bear. It is almost 29% correction. It is the longest correction in gold since 1980’s. Gold is digging all the way to June low’s. Is it going to make a new low? 90% traders are in bearish mood. only 10% are in bullish mode. Yesterday, Obama administration hinted about […]
Overview According to the attached H4 chart, the price’s close below the Resistance level 20.20 gave the metal new opportunities for sell signals. Currently the metal has already managed to close below the Resistance level to trade below and open the way towards 19.15 as first target, then the metal must test the Support level […]
Overview: Since our last analysis, Gold has been trading downward movement, as we expected. The price tested level of 1,199.93 on high volume. Thus, we are still waiting for further downward movement. Anyway, in the 4H chart, we can observe supply on high volume which may be a sign for further bearish continuation. We are […]
Yesterday, we mentioned that our favorite wave scenario was that we are currently in wave 4 and a final wave down to new lows was anticipated. The confirmation would come if $1,220-$1,210 was broken. We also expected prices to break resistance or support levels after the announcement of the FED policy regarding the tapering of […]
Technical outlook and chart setups: The 4H chart depicts that the metal has formed a new channel resistance after breaking the primary trend line; and is currently drifting lower. The potential downside extensions ate 1,178.00 and 1,156.00 for now. Resistance begins from 1,245.00, followed by 1,252.00 and 1,270.00; while support is 1,180.00. It is recommended […]
Markets take stock of Fed bounce Morning Report: 09.00 London • Markets leapt higher last night after the Fed announced it would begin tapering it’s asset purchases. Of more interest to markets was the guidance that interest rates are still likely to remain around zero for the foreseeable future. Stock markets shot back towards the highs on […]
Daily chart The Light Crude Oil futures began to react during the session on Wednesday after the Federal Reserve made the announcement that it will reduce its bond-buying program. The Open Market Committee of the Federal Reserve announced that it will reduce their purchases of monthly assets of $75 million to $ 85 billion. And […]
It is a clear blue sky for USD, equity markets and dark clouds for gold. After Fed trims the bond purchasing program, gold submitted into bear hands. Gold touched the low of $1,216. In Asia’s trading session gold recovery its overnight losses little bit trading at $1,220. Taper signs the Fed holding faith in recovery. […]
Overview: Since our last analysis, Gold has been trading sideways, around the price of 1,232.00. Thus, we are still waiting for further downward movement. Anyway, in the 4H chart, we can observe buying climax bar on ultra high volume which may be a sign for further bearish continuation. We are still likely to see it […]
Technical outlook and chart setups: The metal is subdued, after it touched the highs around 1,267.00 level for now. It is recommended to remain flat for now since there is an equal probability that the metal can follow both downtrend and uptrend. As seen here, temporary resistance comes in at 1,267/70 levels; while support comes […]
Pound steady ahead of data deluge Morning Report: 08.45 London • This morning, markets have a slight upside edge as traders bet that the Fed won’t be doing anything about its asset purchase policy any time soon. • The yen pairs have been the big winners as the US dollar trumps the yen. • The GBP/JPY […]
Gold prices have tried to make an upward bounce, but the bulls were not strong enough to break above $1,250. Everyone is waiting for the FED as tonight we will have more information regarding the potential tapering of the QE program. We expect volatility to rise and prices to break important resistance or support levels. Current […]
Daily chart As far as we can see, the crude oil found strength during the second trading day this week in the daily pivot. However, it is not far from the bottom of trading range as the line becomes 3/8 (green line) Murrey lines. Plus, between this line and the top of the trend […]
After a long bull run of 13 years, gold peaked at 1,920 in 2011. Gold almost doubled from 2008 to 2011. At that time, the Fed bought debt bonds and kept the interest rates at 0% which boosted the economy. The demand rise in India and China increased the overall demand for gold. Keeping on […]
Overview From the today’s H4 chart, the metal is trading between the Support level 19.75 and below the Resistance level 20.00 after its failure to break the Resistance level 20.20 yesterday and bounced from it to take a slightly downward move and currently is re-testing the Resistance level 20.00. Presently, we suggest waiting for closing above […]
Daily chart The prices of Crude Oil continue their rising recuperation after the yesterday’s session, they entered again over their daily pivot that is on the level of 96.98. Being at this point (green line) which also finds 3/8 line it serves to underlie its status of quotation, there is a high probability that prices […]
Gold prices seem to remain with no clear direction and our two possible wave scenarios both remain valid. It looks like the market is waiting for the FED and what will be announced during December 17-18 regarding the possibility of tapering the QE program. From the Elliott wave perspective, wave structure will become clearer if […]
Overview: Since our last analysis, Gold has been trading sideways, around the price of 1,238.00, we are still waiting for further downward movement. Anyway, In the 4H chart, we can observe buying climax bar on ultra high volume which may be sign for and further bearish continuation. We are still likely to see it testing […]
