Price has now broken through daily resistance at $2475 per ounce and created an all time high with strong bullish momentum on Friday.
We can now look for price to form a new resistance level and retest/reject the same zone (2475), which would potentially indicate more upside to come.
With price making an all time high, sellers of physical gold may see now as a...
Price is moving within a Rising Wedge which is often seen as a reversal pattern as price action gets squeezed into the apex of the triangle until it breaks lower.
Look for price to turn bearish, we may see this after forming a double top or after breaking the last swing high. There is divergence on the 4 hour MACD which suggests that the buying pressure is...
Gold as been moving with a daily range between $2367 per ounce and $2475 per ounce since mid July 2024. Now with price back at $2475, we look to see if price will reject again. Core CPI news from the US later today could affect this precious metal and give us a direction.
Silver has been on the decline since it triple topped at 31.50 in July. There may be another opportunity to sell targeting the 26.20 zone which was support in May this year.
Price has printed a 3rd rejection of 0.8283 on Friday with an Evening Star pattern. We could now see price gravitate towards the trend line and potentially a break out lower confirming the triple top pattern. If this happens then price could drop all the way down to 0.8080 where we last found major support in April this year.
Price has reached the top of an ascending channel. Yesterdays daily candle was an 'inside' candle indicating neither the buyers or sellers took charge of the market. This may be a top and we could look for an impulse down and a correction for further downside.
The monthly chart shows a respected trendline and although we are only early into the month of August, this could be the optimal time to look for buyers to come into the picture. Diving down into the smaller time frames, you will see a sharp move lower recently. Price is certainly in need of a correction if nothing else.
Price is moving within an ascending channel and has rejected the top of the channel several times. Firstly December 2023, then May 2024 and now July 2024 at the 1.1130 zone. There was huge momentum to the downside this week and there is potential for more downside to the bottom of the channel around 1.0860.
Price has rejected daily resistance at 1.8450 after NZD had a huge sell off last week. With the Kiwi sellers potentially running out of steam, this could be a good opportunity to short EUR/NZD.
Price is moving within a bearish channel. At the close of last week, price was retesting the broken 0.8840 level. Watch price how reacts here. There is potential for further downside. However, a daily close back above would suggest a false break.
CAD/JPY has broken out and closed below a weekly triangle after JPY strength was dominant in the market all of last week. After such a big move, a correction would be expected in the YEN pairs, presuming that the downward trend will continue. CAD/JPY could pull back to test the broken triangle before turning back around again. A weekly close back inside the...
Price action is currently moving within a daily channel and has rejected resistance for a third time. Look for sell opportunities with a potential for price to drop to test the bottom of the channel again.
Price appears to have broken/retested and rejected 157.65 with the Japanese Yen being one of the strongest currencies at time of writing. There is potential here for price to continue lower this week to 157.80. With the daily candle still forming though, lots can change until we get the daily close.
The 2 day chart shows a 'Shooting Star' candle at resistance followed by a candle with a lower low and lower close. Price may now continue to push lower to the immediate bullish trendline around 1.28 and then further to the bottom of the structure shown in our image around the 1.25 zone.
Gold has now had a 3rd touch of the resistance trend line where we could see a reversal occur. So far, todays candle is looking bearish. Looking for sell setups could be a wise move now.
Gold buyers were totally in control at the end of last weeks trading. One price point to watch is around 2392 where we saw buyers step in on Friday. We might see some similar tests of this zone like we did at 2352 earlier this month. Let's see how it plays out this week.
Since rejecting major resistance at 0.9200, price has been steadily declining within the bearish channel shown in our chart. The next stop could be the previous swing low at 0.8840 with further downside momentum taking price to the base of the channel and at previous support around the 0.8750 zone.
Price is clearly moving in an uptrend and has pulled back to the 20EMA (blue line) with a bearish close. There is potential for price to find support here and buyers to start entering the market again with a view to creating a higher high in the trend.
