Since our previous analysis, gold has been trading downwards. The price tested the level of $1,305.25 in a low volume. According to the 4H time frame, I found a strong upward trend in the background. The price went into a bearish correction, which is a normal reaction after the massive demand in the background. I […]
Technical outlook and chart setups: Silver is seen to be trading at $17.60/70 levels at this moment, after easing out from $18.30 levels last week. The metal has been drifting sideways since then in a dropping wedge format. The immediate wave structure indicates that Silver is trading above its trend line support for now and […]
Technical outlook and chart setups: Gold had rallied through $1,358.00 level last week, a relatively less probable move. The metal is seen to be trading at $1,316.00 levels at this moment, drifting sideways since last Friday. The wave structure indicates that Gold might have produced a bottom at $1,200.00 level now, and should be looking […]
Brexit continues to be the main focus in the markets, especially after rating agencies cut down the growth outlook for the UK to “negative” citing “less predictable, stable and effective policy framework in the UK”. After two days of selloffs, stock markets and the GBP managed to recover today despite US markets closing deep in […]
Gold continues to consolidate sideways. I expect this consolidation to break to the upside towards new highs soon. There is a triangle being formed, and we will have a clear picture of the breakout when it occurs. Green lines – triangle pattern Gold is trading inside the triangle pattern with support at $1,308 and resistance […]
Wave summary: We are looking for slightly more correction in wave (ii) closer to 1.5895 before turning lower in wave (iii) towards 1.4490. In the short term, a break below minor support at 1.5484 will confirm that the correction in wave (ii) is complete and wave (iii) lower towards 1.4490 is developing. Trading recommendation: We […]
Wave summary: We are looking for minor resistance at 113.24 being able to protect the upside for the next stage of the decline towards 107.87 to end wave iii and set the stage for a larger correction in wave iv to 113.28 before moving down again in wave v. In the short term, a break […]
The Pound continues to get pounded after the country’s vote to leave the EU. During the weekend the political implications from the Brexit were significant as the Scottish National Party leader has threatened to veto a Brexit as the vast majority of Scotland voted for Remain. As a result, UK’s economic outlook was cut by […]
UK’s vote to exit the European Union (EU) shocked the financial markets both on a local, as well as on an international level. The result pushed UK Prime Minister David Cameron to announce his resignation, and threw the political ties out of balance. UK citizens by now came to terms with the reality that their […]
Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,358.21 in a ultra high volume. In reaction of massive buying climax from the top, the price managed to go into bearish correction and the Gold tested $1,306.00. According to the 15M time frame, I found strong […]
Wave summary: We have seen the expected decline to 1.5604 (the low has been seen at 1.5545), which has completed wave (i), and we are now looking for a corrective rally in wave (ii) towards 1.6005 and maybe even closer to 1.6115 before this correction comes to an end. A new impulsive decline in wave […]
Wave summary: The UK voted itself out of the EU, and risk aversion favored the USD and especially the JPY. We will not say that this was a black swan, but the excessive moves in the JPY certainly weren’t a natural outcome from the Brexit. The strong decline below 115.46 calls for more downside pressure […]
UK Votes to Leave, Pound Hits 30 Year Low Ladies and gentlemen, the UK has left the building! 51.9% of UK voters have chosen the ‘leave’ vote over 48.1% to ‘remain’ in the European Union. The Brexit reality has rocked the markets and sent the Sterling tumbling. Here’s a quick look at some of the […]
Gold price broken to new highs after the results of the UK’s EU referendum. As I mentioned yesterday, the technical view on Gold was that a bounce should follow at least towards $1,280, and there were also many chances that the entire decline was over at the $1,250-60 area. Blue lines – bearish channel Gold […]
Global macro overview for 24/06/2016: A mixed bag of data regarding the Eurozone flash PMI’s was released yesterday. For the whole EU, only the Manufacturing PMI has beaten the expectations raising to 52.6 points, a 1.1 point more than the previous month’s reading and 1.2 points more than the expected number. The Services PMI for […]
The price reached our target at 1.0550 perfectly yesterday and saw a reaction off it. Now we look to buy on ascending support at 1.0425 for a rise to 1.0525/1.0550 again. Trading recommendations: Buy at 1.0425 level Take profit at 1.0550 and 1.0525 Stop loss at 1.0400 The material has been provided by InstaForex Company […]
Overview The gold price shows slight negative trading gradually heading towards our awaited target at 1,243.17 as the price is affected by the previously completed triple top pattern. The mentioned level represents the full target of the negative pattern, which means that the chances to resume the main bullish trend again will be valid. Therefore, […]
Overview The silver price shows clear bullish attempts now moving away from the EMA 50, thus supporting our expectations for bullish trend continuation today. Its first target is at 18.00. Therefore, the bullish trend scenario will remain valid and active for the upcoming period. It might be preceded by some slight bearish bias affected by […]
After a two-day hiatus, both sides of the Brexit debate resumed campaigning on Sunday. In a debate over immigration, both Leave and Remain sought to tone down the political rhetoric in response to the killing of Labour Member of Parliament Jo Cox. The death of pro-EU MP Jo Cox may have shifted the momentum back […]
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