Price has now broken out of the bullish parallel channel seen formed over September and November this year.
With 6 (bearish close) eight hour candles at the end of last week, we may see a pullback in the new trading week and then possibly a sell setup depending on price action and your strategy rules.
After printing an all time high at circa $2790 per troy ounce last month, Gold has been making a steady decline over November. The bullish run could previously be seen in an upward channel, but with price now breaking out and closing below the channel, we could be now looking a change of sentiment.
At the end of last week, Gold was looking to be retesting the...
Price has made a clear break of the descending trendline and is currently correcting. Look for a resurgence of buying for the next impulse. We may see price retest the broken trendline before regaining its upward momentum.
Price has been moving within a daily range between 1.49 and 1.5150 since August this year. Currently, price is testing the top of the range (resistance) and printed a bearish close on Friday. Could this be the start of another rejection? Any sell setups next week, could be the beginning of a 200+ move down to the base of the range.
Gold printed an all time high on 30th October this year as the bullish trend continues. Something to notice is the divergence between what price is doing and what the MACD is doing. There's a higher high in price (most recently) with a lower high in the MACD. This is a potential sign of weakness in the buying strength. This could be temporary as the market begins...
We are seeing a similar pattern currently to what we saw over July and August this year.
Price is in a falling wedge pattern with the MACD showing higher lows (whereas price is showing lower lows).
Watch for a break out to the upside.
Price has dropped around 500 pips from its 1.3433 peak at the end of September to 1.2906 at the end of last week.
What's interesting is that price now sits at the trendline. Will price break or bounce? Traders already in sells may be inclined to take full or partial profits at this point.
Traders who are not in the GBP/USD market should consider sitting and...
Price is moving within a weekly uptrend, with the most recent higher high printing at the end of September last month. Currently correcting, price is finding support circa 0.9165 for the third week in a row. Potentially smaller, bullish changes in cycle could be the start of a new weekly impulse back up to major resistance at the 0.9500 zone.
Since breaking out of its daily correction, Gold has been super strong with price now hitting the -27% Fib extension level. Any corrections could be opportunities to buy with a view to price heading towards the -61.8% Fib extension level. Will it finally reverse there?
Price has now corrected to the 61.8% Fibonacci retracement level. The correction may be over and we could see buyers push price higher, breaking out of the structure and towards the -27% Fib extension level. Look for buy setups that meet your strategy rules.
Price has been selling off impulsively since it's double top/rejection of 1.1200 in August and September this year. We may start to see a correction now, with a Hammer candle being printed over the last 2 days of trading. Is this a sign of selling exhaustion? Watch the Fibonacci retracement levels as they could act as a target for buyers and an area where sellers...
After 9 consecutive bullish daily closes, USD/CAD printed a Shooting Star candle after retesting the broken daily trendline. There is potentially some downside to follow if we break the low.
A significantly weaker NZD compared to AUD is pushing AUD/NZD higher. With a clear bullish sentiment on the daily chart, we might see resistance at 1.1150 tested again.
Price printed a bullish impulse earlier this month. The subsequent price action saw a break through and close above the 1.6200 barrier. This was previously support back in early September.
Now with price seemingly forming a corrective pattern and retesting 1.6200, we wait to see if buyers enter the market for the next impulse higher.
Price has rejected the bottom of the range with a Morning Star Pattern on this time frame. There is a potential for price to push higher now with a possible final target of 1.5150 at the top of the range.
Price is moving within an ascending channel but has rejected resistance at the top of the channel and has started to make it's way to the downside.
Look for opportunities to sell, with a view that price may be potentially heading back towards support.
Price is seen to be moving within a range on this 2 hour chart.
Sellers have been unable to close below $2664 and buyers unable to close above $2668.
The candles at the end of last weeks trading suggest that buyers are still present and price could move back towards the top of the range once again.
Look for buy setups that meet your strategy rules if you agree...
Price appears to be moving within a rising wedge pattern.
5 waves as (shown in the image) can often be seen before the breakout below the structure.
Watch what happens if/when price tests support at the bottom of the wedge.
