Since our previous analysis, gold has been trading downwards. The price tested the level of $1,334.64. According to the 30M time frame, I found that strength came in at the bottom. There is a hidden test of supply in a low volume. Anyway, key resistance level today is set at the price of $1,341.08. If […]
Technical Outlook and chart setups: Gold had dropped lower towards $1,335.00 levels yesterday as expected and discussed earlier. The metal looks to be in a triangle consolidation structure as depicted on the 4H chart view here. Looking into the structure here, the metal should turn into bullish territory above $1,355.00 levels provided $1,330.00 levels hold […]
Gold price has bounced as we expected but the bounce is not strong enough yet for a clear break above $1,350. This is needed for a new high to be achieved otherwise bulls will be in danger of losing even the critical support of $1,300. Blue line – resistance Gold price bounced off the 61.8% […]
Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,357.00 in a high volume. According to the H4 time frame, I found a morning star formation (bullish formation), which is a sign that selling looks risky. Besides, there is a rejection from the 21SMA. Upward targets […]
Overview The gold price keeps trading positively and moving away from the intraday bullish trend line, supported by the EMA50 that carries the price from below. The price is likely to hit 1,375.00 levels that represent the next main station, a break of which is the key to bullish wave extension to 1,400.00 followed by […]
Despite an empty financial calendar yesterday, the market was extremely active with the main theme being the selloff of the USD and the surge of German DAX along with regional bourses. In essence, almost all the gains post the NFP last week were evaporated in swift fashion catching many traders by surprise. Today, the financial […]
Gold price has pulled back towards the 61.8% Fibonacci retracement and is showing signs of a bullish reversal. In my last analysis I noted the importance of the support in this area and that would be the last chance for bulls. Otherwise the scenario of a deep pull back towards $1,200 gets the lead. After […]
Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,337.87 in an average volume. According to the H1 time frame, I found a lack of supply at the level of $1,330.00. It is very risky to sell at this stage. There is strong bullish divergence on […]
Technical outlook and chart setups: Gold finally reversed as expected on last Friday and has now hit lows at $1,329.00 levels. The metal is now expected to retrace higher towards $1,350.00 levels again before reversing lower. It looks like the metal has carved out a meaningful top at $1,367.00 levels and should be setting up […]
Overview The gold price showed clear negativity in the last sessions testing the intraday bullish trend line shown on the chart. Meanwhile, stochastic generated clear oversold signals providing positive motive that we expected to help the price resume the main bullish bias, which targets begin by testing the previously recorded top at 1,375.00. In general, […]
Since our previous analysis, gold has been trading downwards. The price tested the level of $1,329.79 in an average volume. According to the H1 time frame, I found a lack of supply at the level of $1,330.00. It is very risky to sell at this stage. There is strong bullish divergence on the RSI oscillator […]
Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5642. According to the 1H time frame, I found the strong reaction from buyers in the background, which is a sign that selling looks risky. Today, I found a successful test of supply in an average volume. So, watch for […]
The Dollar Future Index The dollar future index surged from the intra-day low of 95.48 to 96.49, increasing by 1.06%, returning to the uptrend line and breaking out the resistance at 96. On the 4 hourly chart, the price is above all the EMAs (exponential moving averages). The short term EMAs crossed over long term […]
The Dollar was boosted on Friday as a result of a much better than expected NFP report which showed 255.000 jobs added in August compared to 180.000 forecasted. Besides, the core data of NFP, other indicators such as wage growth and the unemployment rate were also on the good side, easing fears that the US […]
Gold price got rejected at resistance last Friday and made a sharp pull back towards $1.330 after the announcement of the US NFP numbers. Medium-term bullish trend remains intact only as long as price is above $1,300. Bulls need to see a reversal to the upside from current levels but not a break of the […]
At H1 chart, USDX is consolidating higher and the resistance zone of 96.32 is being challenged. Above that zone, we can expect another advance towards the 96.75 level, where the sellers could be waiting for. However, a pullback can drive the Index to re-test the support zone of 95.51. MACD indicator is showing overbought conditions. […]
GBP/USD is riding into a very bearish trend below the 200 SMA at H1 chart and it’s now looking to consolidate lower in order to reach new post-Brexit lows. Currently, a bearish pattern formation can be seen and it could deliver more pressure to the downside. A breakout below the 1.3000 mark would expose the […]
Overview The gold price showed positive trading after leaning on the EMA50 yesterday. Positive support by stochastic on the intraday time frames keeps the chances of trading positively valid in the upcoming sessions. The price is likely to breach 1,375.00 levels to reinforce the expectations of targeting the 1,400.00 followed by 1,440.00 areas. Therefore, we […]
Since our previous analysis, gold has been trading downwards. The price tested the $1,343.53 level in an ultra high volume. According to the 15M time frame, I found selling climax and ultra wide spread of the bar, which is a sign that selling looks extremely risky at this stage. I found potential end of ABC […]
Bullish persistence above 0.6550 (depicted support) was necessary to keep the price moving towards higher bullish targets. In February and March, signs of bearish rejection (triple-top reversal pattern) were expressed around the price level of 0.6750 until April when a bullish breakout above 0.6750 and 0.6860 was executed. Later on May 6, a daily candlestick […]
On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of significant bearish rejection was manifested during recent consolidations. On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant […]
Gold price is challenging its recent highs at $1,367 and its yearly highs at $1,375. With the announcement of the US Non-Farm Payrolls today we expect volatility to rise and to see wide price movements. Gold price usually starts to fluctuate before the NFP numbers are announced, so be careful of stop hunters. Blue line […]
Global macro analysis for 05/08/2016: The Reserve Bank of Australia quarterly statement on monetary policy was released overnight and it reveals some interesting conclusions. First, RBA projects the underlying inflation to remain under 2 pct for much of forecast period, reach 2 pct by end 2018. The policy easing (the latest rate cut) stimulates economic […]
Since our previous analysis, gold has been trading downwards. The price tested the $1,348.97 level in a high volume. According to the 1H time frame, I have found that Gold refused to break supply trendline and that is the reason for downward reaction. Gold is in an intraday downward trend and buying looks very risky. […]
Gold price got rejected at the previous high and resistance at $1,375 and is pulling back. The rise from $1,310 looks impulsive, so we will treat this pullback as a corrective one before the next leg up. A break below $1,310 will open the way for a push towards $1,250. Red line – short-term support […]
Technical outlook and chart setups: The GBP/CHF pair has followed through well after printing fresh lows earlier (1.2720 level). The pair has rallied 5 waves from 1.2720 level now and should probably correct lower in 3 waves from here. The pair is seen to be trading at 1.2945/50 levels at this moment, looking to retrace […]
Technical outlook and chart setups: Gold finally reversed as expected and broke lower below $1,360.00 level, hitting $1,349.00/50.00 levels right now. The metal is now expected to retrace higher towards $1,360.00/63.00 levels again before reversing again. It looks like the metal has carved out a meaningful top at $1,367.00 level and should be setting up […]
USD/JPY is expected to trade with bearish bias. The pair keeps trading below the key resistance at 102.00 (a key support seen in July 29–August 2). It tested, but did not cross below, the first downside target at 100.65 (the low of August 2) yesterday. Currently, the pair is around the 20-period (30-minute chart) moving […]
Overview The gold price has continued its calm positive trading and is gradually moving towards the previously recorded top at 1,375.00. The bullish wave slowness is explained by stochastic, which might force the price to show some temporary sideways trading until it manages to get enough positive momentum to push the price to resume the […]
Since our previous analysis, gold has been trading upwards. As I expected, the price tested the $1,367.01 level in a high volume. According to the 1H time frame, I have found that Gold went into correction but watch for breakout of supply trend line to confirm further upward movement. Observing the market profile today, it […]
