Overview: Since our last analysis, Gold has been trading sideways around the level of 1,314.00, we are still waiting for more downward movements and bearish continuation. In the daily chart, we can observe lack of demand on volume below the average, which is a sign that Gold started bearish continuation. We are still likely to […]
Gold continues trading inside the sideways triangle as shown in the chart below. Prices are trendless for the time being and we are waiting with a neutral stance as long as this sideways move continues. Gold has paused its decline at the 50% Fibonacci retracement of the upward move from 1,250 to 1,360. This downward […]
Markets quiet ahead of deluge Morning Report: 08.45 London • This morning, financial markets are decidedly cautious ahead of a day or reckoning for economic data. This caution is understandable when you consider what lies ahead today – Two central bank meetings and the latest US GDP figures (with NFP to come tomorrow). • This far this […]
Overview Based on the H4 chart above, silver stabilized below the Resistance level of 22.00 after hitting it yesterday then bouncing from it to take a slightly downward move as shown. If silver continues its bearish move and manages to break the Support level 21.50, it will produce a strong indicator for the downward […]
Overview Today’s H4 chart shows that the metal is still trading between the support level of 21.50 and below the resistance level of 22.00 after its failure to break the resistance level yesterday, silver bounced from it to take a slightly downward below the resistance level 22.00. Presently we suggest waiting for closing above the […]
Overview: Since our last analysis, Gold has been trading sideways around the level of 1,319.00, we are still waiting for more downward movements and bearish continuation. In the daily chart, we can observe no demand bar on volume below the average, which is a sign that Gold started bearish continuation. We are still likely to […]
Today we focus on the two most probable wave scenarios in Gold. The first scenario implies that we have seen the end of the downward correction at 1,180 and prices are stating a new upward impulsive wave. The second wave scenario implies that the downward correction is not over yet and we might see another […]
Markets conservative ahead of FOMC Morning Report: 08.45 London • Markets are cautious today ahead of a very busy Thursday and Friday which include US Non Farm Payrolls and the ECB statement. The S&P 500 typifies this indecision, with the benchmark stuck in a tight range. • On currency markets, the NZD/ USD continues to lead after […]
Technical outlook and chart setups: The metal is looking to form a base between the 1,290-1,300 levels. It is recommended to remain long for now with risk at 1,250. Intermediary support is at 1,250.00, followed by 1,210.00 and 1,180.00, while resistance is spread through 1,370/75, followed by 1,410/15 and 1,440 respectively. The overall structure might […]
How to Identify Turning Points in Your Charts Using Fibonacci By Elliott Wave International In this trading lesson, Elliott Wave International’s Jeffrey Kennedy shows you how you can use Fibonacci to forecast potential turning points in your charts. You’ll learn the most common Fibonacci retracements and where to expect them in your charts. At the […]
Daily chart Yesterday, Crude Oil fell back and touched its lowest level in four months and now stays below 95.00 a barrel. The decline reverses better than 4% gain during the second quarter and stands in contrast to the sharp increase in capital expenditures during the early stages of the economic recovery. The Commerce […]
Overview: Since our last analysis, Gold has been trading downwards,as we expected; the price tested the level of 1,311.62 on high volume, and we ended the small bullish corrective phase as we expected. In the daily chart, we can observe no demand bar on volume below the average, which is a sign that Gold started […]
Technical outlook and chart setups: The metal has been almost unchanged since yesterday, after bouncing off from the 1,310.00 levels. As depicted here, it is quite possible that the retracement or pullback might be over around the 1,310.00 levels; hence, it is recommended to remain long on positions initiated yesterday. As shown here, the best […]
The upward attempt which Gold prices made yesterday was weak and had an overlapping corrective pattern. The upward move was not impulsive and prices fell back down easily towards 1,310. This sideways move makes us believe that the downward move from 1,360 is not over yet. Prices have stopped below the 1,325$ resistance and moved […]
China leadership meeting weighs on Aussie Morning Report: 08.45 London • The Aussie dollar continued to dance to China’s tune this morning as the currency dips head of the highly anticipated Chinese leadership meeting. The AUD/ JPY is off by 0.68%, though this move is exaggerated by the resurgent yen. This downside move comes despite warnings […]
Overview Based on the H4 chart above, silver is still stabilizing between the Support 21.50 and the Resistance level of 22.00 after its failure to break the Resistance level 22.00 last week. If silver continues its bearish move and manages to break the Support level 21.50 which is tested now, it will produce a […]
Overview: Since our last analysis, Gold has been trading downwards,as we expected; the price tested the level of 1,305.62 on high volume, and we ended the small bullish corrective phase as we expected. In the daily chart, we can observe good supply on the volume above the average, which is a sign that Gold started […]
Gold has paused its decline from 1,360 to 1,306 (50% Fibonacci retracement). Prices are now trading at 1,314 and the short-term resistance is found at 1,325. Today’s pivot point is 1,317. If prices move above that level, then bulls will have increased chances of testing the first resistance level at 1,325. Breaking above that level […]
Technical outlook and chart setups: The metal seems to have completed retracement as depicted here. The maximum downside could be down towards the 1,290/1,300 region before rallying to fresh highs. It is recommended to initiate 50% long positions at current levels and the rest between 1,290/1,300, if the prices reach that level. Risk remains at […]
China boosts Aussie once again Morning Report: 08.45 London • This morning, the Australian dollar is receiving yet another boost from a steadying China. Chinese non manufacturing PMI smashed the previous month’s numbers, coming in at its highest level in 14 months. • The AUD/ USD is up 0.66%, the AUD/ JPY 0.59% and the NZD/ USD […]
Monthly chart Following a drop of almost 200 pips during the first day of this month, Crude Oil currently stands below its weekly pivot. Since it is below line 4/8 of Murrey lines, it is considered a neutral zone, so from a technical standpoint the outlook is bearish and also gets underway this month, with […]
Daily chart Crude Oil continued to prefer the bearich direction, lasting for three days on Thursday. Below the end line, it exceeded -1/8 (purple line) and below its monthly pivot. Something that has contributed to this trend is that weekly crude supplies in the U.S. rose nearly 8% since mid-September, according to figures from the […]
Overview: Since our last analysis, Gold has been trading downwards,as like we expected, the price tested the level of 1,315.00 on high volume, and we ended the small bullish corrective phase as we expected. In the daily chart, we can observe good supply on the volume above the average, which is a sign that Gold […]
Gold has reached the first target we mentioned yesterday at 1,318, so we can start taking some profits as an upward bounce could be possible at these levels. Short-term support is found at 1,315 and then at 1,300. Short-term resistance level is found at 1,328 and then at 1,334. Prices have reached the 38% Fibonacci […]
Euro weakness continues as rate cut looms Morning Report: 08.45 London • After taking a hammering in yesterday’s afternoon/ evening sessions, the euro is once again under pressure this morning as traders price in a 0.25bp rate cut in November. • The EUR/ JPY is off by 0.61%, the EUR/ USD off 0.44% and the EUR/ GBP […]
Daily chart Crude Oil continues to fall to the levels last seen in late June of this year, after data showed that weekly jobless claims in the U.S. fell less than expected. The downward trend was bolstered Wednesday when the Energy Information Administration EIA said crude supplies rose 4.1 million barrels in the week […]
Overview As it was expected yesterday, more bearish signals would be available after breaking the Support level 22.40 yesterday, then the metal continued its downward move after breaking the Support level, which gave us another good opportunity to sell till reaching the Support level 22.00. Currently and as shown the metal hits the Support level […]
Overview: Since our last analysis, Gold has been trading sideways, around the level of 1,335.00 on ultra high volume, and it may end the small bullish corrective phase as we expected. In the daily chart, we can observe lack of demand on the volume below the average, which is a sign that Gold may start […]
Gold did not manage to break above its previous high and made a double top and reversal confirming our bearish view. Prices initially broke below the 1,353 pivot support and then failed to hold the support levels at 1,346 and 1,338. Prices are heading towards the 1,318 price level, where the 38% Fibonacci retracement is. […]
Asian leads but Europe cautious Morning Report: 08.45 London • This morning, the Australian and New Zealand dollars are performing well following better than expected Aussie date overnight and the RBNZ keeping rates on hold. Japanese equities were boosted by the BOJ report which held no surprises. Things are different in Europe however as traders wait […]
