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2024-07-02 - priceactiontds - daily update - nasdaqGood Evening and I hope you are well. nasdaq e-mini futures comment: What a bull day… Just straight up buying all the way up. Market did not touch the 15m ema once since 30mins before us open. Happy for everyone who were long since below 19970 and held. Still a lower high but given the strength of today, some follow through is expected. current market cycle: Max bullishness & peak bubble territory. Literally the peakiest of the peaks. Mother of all bubbles. Will end over the next weeks. —unchanged key levels: 19700 - 20100 bull case: Bulls want a measured move up from the strong buying today, which could bring this to 20600. Sounds insane but that’s what the chart is showing. First target for the bulls is till to make this a higher high again and for that they need to trade above 20273. If they do that, I don’t think this will be stopped until a much higher ath. Invalidation is below 20100. bear case: Not having much for the bears here. They just vanished today since US open. They need to do everything they can to keep this a lower high below 20273 or bulls will make a new ath. IF bears can reverse this, 20000 is the magnet we are oscillating around. I don’t have much fantasy how this market could do another meltup to be honest but price is truth and the chart is screaming “*explicit* your puts” and wants higher. Invalidation is above 20273. short term: Max bullish above 20273 for new ath but inner bear in me hopes this reverses again. I don’t have any open positions on this. medium-long term: This climactic blow off top was the grand finale of this bull trend. Perfect break above multiple patterns which I expect is a bull trap and we will test the various support lines next before the new bear trend will unfold over the next 3-9 months. current swing trade: None trade of the day: just buy anywhere around the us open and hold. 15m ema was not touched once.
CME_MINI:MNQ1!Long
by priceactiontds
2024-07-02 - priceactiontds - daily update - daxGood Evening and I hope you are well. overall market comment Indexes - SP500 and Nasdaq had bull trends from the open and almost went up in one straight line on higher time frames. Both produced lower highs but given the strength of today, we can expect some follow through tomorrow. If bears somehow manage to reverse here and keep the lower highs, there is no reason why we can’t reverse to the lows of the week again. Market is all still inside their trading ranges and most breakout attempts fail. Commodities - Gold is again not worthy to be written about. Oil touched the bear trend line today on relentless buying but market gave back around 150 points afterwards. All of my bullish targets are met here and market could very well begin forming a top here before trading lower again. Bitcoin turned exactly where it had to and where my painting showed it would. There is a tiny bull trend line around 61500 and if that is broken, we will see 58000 or lower again. For the slight possibility that bulls turn this around again and stay inside the bull channel, they would have to break the bear trend line above 63000, which would then open up the road to 65000 again but I think this is very low probability. dax comment: 18300 is the most important price for dax for many days now. Today we sold off but market grinded higher to the 50% pb and that is around 18300. We have a decent bear channel which could hold and a third leg down would bring us to 18000 again. It’s still a trading range and a bigger third leg is lower probability. Markets usually have two legs inside ranges, so we could turn up from here to 18500 again. Neutral is the name of the game. current market cycle: trading range key levels: 18000 - 18600 bull case: Bulls need to break outside of the bear expanding triangle and their first target above is today’s open pricea t 18419. If they could do that, they will probably get to 18500 again. For now I think bulls are not good and they don’t have many arguments on their side. Invalidation is below 18180. bear case: Strong selling by the bears since EU open and market could not trade above the 1h ema the whole day. They want follow through tomorrow and keep the bear expanding triangle alive. Their targets below are 18100 which is where the bigger triangle bull trend line is. I don’t see them breaking it but if they do, obvious target below is 18000. Invalidation is above 18400. short term: Neutral between 18300 - 18370. Bearish below and bullish above (if bulls can break outside of the exp triangle). medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: None trade of the day: Short since Globex or from the EU open. Low of last week was 18221 so a good place to look to take profits or exit shorts. Market turned at 18190.
EASYMARKETS:DAXEURShort
by priceactiontds
Bitcoin's Parabolic Potential & MANA's Key Levels Revealed📅 Let's dive into today's analysis. We are focusing on the crypto market, where we've seen an upward move, and Bitcoin is at a critical and exciting position. The coin I'll be analyzing today is MANA. 👑 Bitcoin Analysis 🔍 Bitcoin Technical Analysis In the 1-hour timeframe, Bitcoin has started to correct after reaching the 59323 support level and has now created a bullish structure in this timeframe, reaching the 63700 resistance level. A correction to 0.382 of this upward wave has been made, creating a box between 36700 and 62634. 🧲 Trend Line Analysis Additionally, there is a curved trend line supporting the price. Since this line is curved, it could trigger a parabolic movement in the market. Conversely, if this trend line breaks, we might witness another sharp drop in the market. 📊 Volume Analysis The market volume is ranging and is neither converging with buyers nor sellers. The direction will likely depend on which side increases its volume. 📈 Long Position Strategy Long Position: We can enter a long position with a break above 63700, targeting 64530 as the first target. A riskier trigger is at 63122. RSI stabilization above the 55.87 resistance can act as confirmation for these positions. 📉 Short Position Strategy Short Position: For a short position, first wait for a candle to stabilize below the curved trend line and activate the 62634 trigger. The second trigger is breaking the trend line at 62168. The RSI confirmation trigger is at 40.72. 🔍 MANA Analysis 🗂 Project Overview Decentraland is a crypto and metaverse project where everyone can buy land and introduce their projects to others. The native token of this platform is MANA, and all transactions on this platform are conducted using this token. 🧲 Trend Line Analysis In the 4-hour timeframe, this coin has started a downward trend from 0.4832 and dropped to the 0.3170 support level. After reaching this support, it corrected up to 0.236 and created a range box. This coin also has an upward curved trend line that could trigger a parabolic movement in the coin. 📈 Long Position Strategy Long Position: Stabilizing the candle above the 0.236 area could push the price upward, creating bullish momentum to move towards the 0.5 Fibonacci area, which coincides with 0.3896. For this position, buying volume must enter the market, and the RSI trigger is at 59.26. 📉 Short Position Strategy Short Position: For a short position, first wait for the curved trend line to break. For additional confirmation, we have two triggers: the first is at 0.3287, and the second is at 0.3170. If these levels break, we can expect the price to move down to 0.2792 based on Fibonacci Extension. Personally, I would open a position with a break below 0.3170 only if the selling volume increases and the RSI is below 50. Otherwise, I will wait for a break below 0.2792. 📝 Conclusion In conclusion, both Bitcoin and MANA are showing critical levels that could determine their next major moves. Bitcoin's parabolic potential hinges on its curved trend line support, while MANA's future depends on its range and trend line dynamics. Keep an eye on the volume and RSI confirmations for better entry points. 🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
by itsparham96
1
2024-07-01 - priceactiontds - daily update - daxGood Evening and I hope you are well. dax comment: Funny thing for me is the fact that ath to June high is about 200 points, June to July high now is about 200 and low of the week was 200 points below that. Markets eh. 4h chart tells it the best I think. Market touched the big bear trend line from ath and was rejected heavily. Bulls have going for them that the higher lows getting higher and the trend lines steeper. Means we are forming multiple triangles, which confirms the obvious trading range. Breakout this week. Buckle. Up. current market cycle: trading range key levels: 18400 - 18632 bull case: Bulls making higher lows but every high is sold big time. Only questions imo is, when will they give up? By not with every 1h bar it get’s more obvious that this bull trend is on it’s last legs and if you bought longer term above 18000, you are not happy with the bear trend line. Higher high above 18600 was unexpected somewhat but turned where it had to. Bulls need a strong daily close above 18600 to make bears nervous. I expect another try at 18600 tomorrow or Wednesday. Invalidation is below 18400. bear case: Bears trapped bulls buying above 18500 but the sell off afterwards was not deep enough to make a good bear case out of this. Bears need start making lower lows and closing the bull gap to 18400 with a bear bar closing on its low. Invalidation is above 18632 or a 1h close above the bear trend line. short term: Neutral but if bulls manage to get a 1h close above the bear trend line, it could go much higher much faster. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: None trade of the day: Buy low, sell high and scalp. Best trade was shorting against the bear trend line 18600.
EASYMARKETS:DAXEUR
by priceactiontds
2024-07-01 - priceactiontds - daily update - sp500Good Evening and I hope you are well. overall market comment Indexes - Quick one today because markets did the obvious thing and we learned nothing from this trading session. Commodities - Gold is not worthy to be written about today. Oil was bullish as expected to 83.40 and 84/84 were my targets for many weeks now. Bulls can do some more here but it should not go much above 84. Best bears can hope for here is sideways. Bitcoin broke strongly above the bear trend line but failed at the daily 20ema. Bears need to keep it below 64000 or we will see much higher prices again. Can short this once we trade back below 62400. sp500 e-mini futures comment: Market has the daily 50% pb almost exactly at Friday’s close. You do not need to analyse this deeper. Market is in balance and 5523ish is the fair/agreed price. Prominent tails above and below bars, tells you that it’s a trading range and you should buy low and sell high. current market cycle: Max bullishness & peak bubble territory. Literally the peakiest of the peaks. Mother of all bubbles. Will end over the next weeks. —unchanged Smaller tf = trading range key levels: 5500 - 5550 bull case: Market is in balance. Bulls need break above 5550. Invalidation is below 5500. bear case: Bears need break below 5500 and preferably a daily close below. Invalidation is above 5550. short term: Neutral af. medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. Will update this time and price wise over the weekend but I expect to at least see 5000 over the next months in 2024. —updated weeks to months. current swing trade: None trade of the day: Buy low, sell high and scalp. Use small position size and wide stops to scale in. Best trades though were selling the expanding triangle bar 30-34 where market should clear resistance 5537 and that was also the us open price and we just sold off for 30 points. Next trade was the bar 41 entry bar after a very good signal bar 40. Buying near 5000 was almost a no brainer but since bar 37 was so big an climactic, I hesitated as well.
CME_MINI:MES1!
by priceactiontds
Gold Analysis in Forex Market📅 Let's get into today's analysis. I've decided to focus more on Forex analyses, and today we're analyzing gold with the main timeframe being daily. I'll be looking at the chart solely from a technical analysis perspective. 🔍 In the daily timeframe, as you can see, after breaking the 2075 resistance level, bullish momentum entered the market, and we managed to move up to the 2425 resistance level. After this sharp upward movement, the market entered a correction phase and corrected down to 2289. Currently, the price is ranging between the 0.236 Fibonacci level and the 2425 resistance. I believe that until the SMA99 reaches the price, new bullish momentum could enter the market, and you can confirm this momentum by a break above 2425. If the candle closes below the 0.236 Fibonacci level, we might move down to the Golden Zone of Fibonacci, which lies between 0.5 and 0.618. 🧩 There is also a minor trend line that the price has reacted to three times so far, which could be a key determinant for future price movements. 🧲 Regarding the SMA99, it has the property of creating significant distances when the market is trending. However, it eventually acts like a black hole, pulling the price towards it. This is happening after the rejection at 2425, and I believe the price will range until it meets the SMA99. Additionally, this SMA acts as a support and resistance level, potentially supporting the price once it reaches it and pushing the price upward. 📈 For a long position on the daily timeframe, it seems appropriate to wait for a break of the trend line and a confirmation above the 2425 area. The target for this move, based on Fibonacci extension, could be 2759. However, this target is quite high, and if the price aims to reach it, it will likely be a long-term move. 📉 For a short position, breaking below 2289 serves as a good trigger. If the price stabilizes below this level, it might move down to the area between 0.5 and 0.618 Fibonacci levels. This position is quite risky as the High Wave Cycle for gold is bullish, and this move in the Low Wave Cycle could be filled with noise. For shorter-term positions, it's better to look at the 4-hour timeframe. In this timeframe, we have a long-term range box and a significant support area at the 0.236 Fibonacci level on the daily chart. There’s no need to extend the analysis here; I’ll just discuss the entry triggers. 📈 For long positions, we have three different triggers. The first trigger is at 2338, which is the riskiest one with a target of 2365. The next trigger is at 2365 with a target of 2439. The final trigger is at 2439. 📉 For short positions, there's a very risky position with a trigger at 2320, and the second trigger is the break of the support area. ♟ Now, let me explain how I personally trade with each trigger. For the long trigger at 2338, I open positions in lower timeframes such as the 1-hour chart and set a small stop loss to quickly reach a risk-reward ratio of 2, which is my first target, with minimal risk. For the 2365 trigger, I open a position with normal risk and a regular stop loss size. For the 2439 trigger, I open a position with a larger stop loss because the trigger is at an all-time high (ATH) and represents a very strong supply zone. For short positions, I do not open any until the price stabilizes below the support area. 📝In summary, gold is currently in a ranging phase between the 0.236 Fibonacci level and the 2425 resistance level. Depending on the break above 2425 or below 2289, there are opportunities for long or short positions, respectively. For those trading in shorter timeframes, key entry triggers and careful risk management are essential to navigate the market effectively. 🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
OANDA:XAUUSD
by itsparham96
3
SWING IDEA - VARROC ENGINEERING Varroc Engineering presents a compelling case for a potential swing trade, backed by several key indicators. Reasons are listed below : After multiple tests, Varroc Engineering broke through the crucial 500 level and is now retesting it, indicating a potential shift in market sentiment. A doji candlestick formation on the weekly timeframe and a bullish marubozu candle on the daily timeframe suggest indecision followed by strong bullish momentum, respectively. Varroc Engineering demonstrates a clear uptrend, marked by a series of constant higher highs, indicating bullish momentum in the stock. Finding support at the 0.382 Fibonacci retracement level suggests a healthy correction within the broader uptrend, providing a favorable entry point for traders. The stock price is currently trading above both the 50 and 200 Exponential Moving Averages (EMA) on the weekly timeframe, reinforcing the bullish bias. Varroc Engineering has recently broken out of a consolidation phase lasting over four years, signaling a potential continuation of the uptrend. Target - 620 // 655 // 830 StopLoss - weekly close below 455 DISCLAIMER - Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services. @visionary.growth.insights
NSE:VARROCLong
by Visionary_Growth_Insights
#202427 - priceactiontds - weekly update - bitcoinGood Evening and I hope you are well. bitcoin Quote from last week: comment: Guess what. Anyone looking at this chart who tells you to buy for anything higher than 66000 is a permabull in denial. The last time a daily bull bar closed above its midpoint was almost 3 weeks ago. The bull trend line from 2024-02 is clearly broken. Market touched the weekly 20ema and bounced some but bulls could not get any follow through, what so ever. Bears are not that strong either tbh, just grinding this down. At some point one side will give up for a huge drop/bounce. Until bulls can make higher highs above 66500 again, you should not be looking to buy this imo. So what’s next? I expect more sideways to up movement until we reach the upper bear channel and/or the daily ema gain, where I will look for shorts again. Targets below are 61000 and if that does not hold, 56000-58000 is next. comment: 58500 was the low of the week. Since May or longer I have been writing that we will hit 58000/60000 again and above 70000 was nothing but rejection for the bulls. The amount of permabulls who are telling you to buy a clear bear trend is astonishing. It’s one thing to be bearish near all time highs but it’s whole different animal to tell people to buy when all the market does is falling. At least I give you both sides of the market and why you should not try to pick tops or bottoms. Your job as a trader is to follow what the chart is obviously trying to tell you. Not to guess what will happen next and enter trades before you have confirmation. The only use for assumptions and outlooks is to be prepared to take the signal when it appears. You want to dumb down your trading and execute like a machine because machines are probably doing ~90% of all trading. What could happen next for bitcoin? Market has not touched the daily 20ema for more than two weeks. The upper bear trend line will get hit soon, where I expect another rejection at that price level above 61700, like the previous 5 days. The breakout below the previous bear wedge was strong enough that this is a new trend and we are currently forming the channel with this pullback. Once market makes a new low, we know where to draw the channel lines. Odds heavily favor the bears to retest below 59000 and testing the bull trend line from 2023-10 current market cycle: trading range until clear break below 56000. Smaller bear trend inside this trading range could have accelerated with Monday’s breakout but we won’t know until we make lower lows below 56500. key levels: 58000 - 63000 small range / 56000 - 74000 (big range) bull case: Bulls need to break above the bear trend line currently at 62000. Until then, they have nothing going for them. If they do, daily 20ema 63400ish is next. Invalidation is below 58000. bear case: Bulls finally gave up on Monday and we saw a huge sell vacuum down to 58500, where bulls bought it. Market tried to bounce higher since then but bears keep rejecting everything above 61700. Bears want to test the 2023-10 bull trend line and see how many buyers are there. Bears are in full control of this market. Invalidation is above 63500. short term: Bearish. Odds favor to turn around near the bear channel line down to retest the lows. medium-long term: Down to 50000 (could take 1-3 months). Longer term than that time frame, I don’t know. Could also drop to 30000 again but let’s make 40000 first and see how many want to buy there. update: reduced time frame current swing trade: None. Caught most of the move on Monday and my room caught a good chunk of it. chart update: Added the 3 bull gaps we left behind on the move up since 2023-10. Also added my preferred wave series down to close the closest gap.
CRYPTO:BTCUSDShort
by priceactiontds
#202427 - priceactiontds - weekly update - gold futuresGood Evening and I hope you are well. Quote from last week: bull case: Bulls see the green support line and want to keep it support and keep the market above 2300/2320. They stalled the market long enough that not enough bears want to push their luck, selling the lows here. They also managed to print 2 bars above the daily ema, which makes the market more neutral. comment: Keeping this very short bc the tl;dr almost covered it all. Trading range and a descending triangle. Huge support 2300 and until either that or the upper triangle bear line is broken, it’s as neutral as it gets. Buy low, sell high and scalp. 55/45 imo that bears get a breakout below but do you really want to bet on those odds? I don’t. current market cycle: trading range until 2300 or 2385 is broken. key levels: 2300 - 2385 / below 2300 comes 2270 in play bull case: Bulls keeping it above support but can not print consecutive daily closes above the daily 20ema. Will probably see a breakout over the next 1-2 weeks. Invalidation is below 2300. bear case: Bears need a strong break below 2300, that’s it. Invalidation is above 2385. outlook last week: “short term: Play the triangle if the support holds. ” → Last Sunday we traded 2331 and now we are at 2339. Triangle held. Good outlook. short term: Neutral. Play the triangle. medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2500. This could hold for some time. Bear in my still thinks this rally is moronic and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so don’t. —unchanged current swing trade: None and won’t enter. Just scalps for me. Chart update: Made the support more obvious.
COMEX_MINI:MGC1!
by priceactiontds
#202427 - priceactiontds - weekly update - sp500Good Evening and I hope you are well. sp500 e-mini futures Quote from last week: bull case: Bulls will probably retest the highs or even make a higher high soon. First pullbacks / low 1, is a buy signal in a bull trend. After that retest, I - again, have nothing for the bulls. We are at the peak of this bubble imo and that’s where you get cautious and not even more bullish. Nvidia will touch 100 over the next weeks, if not days. comment: Bulls got their retest as written and now market is technically free to have a major trend reversal. June was a perfect bull trend from the beginning of the month. Market had 3 legs up with a two legged correction completed now. We could spend more time at the highs in a trading range or have a deeper pullback from here, which is my preferred path forward. The bull trend line will probably be tested around 5460 and there market will decide if it wants to stay above 5400 or get down to 5320/5350. current market cycle: End of the bull trend is near. Will soon see a deeper pullback. key levels: 5450 - 5600 bull case: Bulls made a perfect double top with a huge reversal bar on the daily chart. Not good for them but they still managed to close above 5500, which is still max bullish. If the market stays above 5500 and keeps the most recent bull gap to 5430 open, we could probably only continue further up to above 5600. I do think this is the lower probability path forward. Invalidation is below 5400. bear case: Market moved sideways on the week and the daily ema is only about 30 points away and will soon be hit. Last time bears crossed it, they went 60 points below it to form the current nearest bull trend line which I think will be hit next week too and there we will have the most important support for now. If bulls are done with this and want their profits secured, we will see a bigger market character change where rips will be sold and we make lower lows again. 5450 will be the big price to break for the bears, if they want more downside. Monday will be key imo. Invalidation is above 5620. outlook last week: short term: Don’t get too bearish too soon. You never want to try to pick a top or a bottom. Let the big bois with endless money do that for you and follow along. Expecting another push for retest of the highs, followed by another leg down, as painted in my chart. → Last Sunday we traded 5534 and now we are at 5521. Retest of ath was 5585, outlook was perfect and good for 51 points. short term: Neutral until bears get follow through and print lower lows below 5500. I’d short to 5490 and see how market reacts to the daily ema. If the support is weak, more shorting to 5450ish. Absolutely no interest in buying here. medium-long term: Bull trend is in the last legs and this will soon pull back much further and form a big trading range. I gave 5600 months ago and we are close enough to it or will touch it next week (5587 was close enough imo). Afterwards the money is made on the downside. 5300 over the next 2-4 weeks, followed by 5000 over the summer. updated: the time span for 5300. Could take 2-4 weeks instead of 1-2 current swing trade: Did not enter shorts in a sideways moving market. I want a strong break below before shorting. Chart update: Two legged correction was almost perfect, I adjusted it to the Friday lower high, removed the minor bull wedge and channel and added the recent bull gap which will probably soon be closed.
CME_MINI:MES1!
by priceactiontds
#202427 - priceactiontds - weekly update - apple #1Good Evening and I hope you are well. Apple comment: Stock is trying to break above the bull channel that has been holding for 2 years. Many rejections above 208 but bulls keeping it above the trend line. Until bears can push this below 205, the daily ema and the bull trend line, bulls are in full control. Can you buy up here and hope for more upside? I would not. Tight trading range and it's better to wait for a breakout before entering. current market cycle: bull trend key levels: 200-220 bull case: Bulls want to keep this break above going and trade higher. Reasonable target would be 250. As long as they keep it above daily ema, bull trend line and big round number 200, they have all the arguments on their side. Bull Invalidation is below 200 bear case: If bears manage to print below 200 again, they could trigger many bull stops which are probably around 197-199 and we could see a deeper pullback. Bears ultimately want the bull breakout to fail and become a bull trap. If enough bulls give up, chances are good that we will test down to the low of the channel over the next months. Bear Invalidation is above 222 short term: Bearish here for 206/207 before we could turn again. Play the triangle until clear breakout. medium-long term: Will update on the next breakout of the triangle
NASDAQ:AAPLShort
by priceactiontds
Gold prices attract some sellers amid cautious FedGold prices fell again after once again facing rejection above 2334. A stronger-than-expected US purchasing managers index (PMI) released last week prompted Federal Reserve officials The Federal Reserve (Fed) pushed back the timing of cutting interest rates for the first time this year, which continues to limit gold's rise. However, safe-haven flows due to geopolitical tensions in the Middle East and Ukraine could boost the yellow metal in the near term. Investors will focus on the Fed's Cook and Bowman's speeches on Tuesday. Any evidence of an easing inflation trend could boost expectations of a Fed rate cut by the end of 2024. This could drag the Greenback lower and create a tailwind for Gold priced in USD. Gold is still trading near the important support level of 2320. We need to wait for more new market data to get an overview of whether the support level around 2320 will hold. Gold price is trading at a lighter level during the day. Gold hinh has formed a downtrend May 10 on the daily timeframe. The two moving averages EMA 34 and EMA 89 are still hesitant and have not clearly shaped the opening trend of the h4 frame. There are not many important resistance levels near gold's current price range. The price level of 2343 becomes the nearest resistance area, a breach of this level will pave the way to $2,365, the highest level of 2 weeks. On the other hand, the June 21 low at $2,316 serves as initial support for the yellow metal. Any further selling would see a drop to $2,305, which on a break of 2385 the low of June 7 would be the most important support at the moment. Support: 2316 - 2312- 2305 Resistance: 2337 - 2345 - 2367 SELL zone 2341 - 2343 stoploss 2346 BUY zone 2302 - 2300 stoploss 2296
OANDA:XAUUSD
by TVS-Trader
Gold trend broken, extending the downtrendGold prices fell for the second day in a row amid the Fed's hawkish outlook. The Fed's September interest rate cut is still on the table, which limits USD gains. Persistent geopolitical tensions contribute to limiting the rapid slide in gold prices. The greenback followed US Treasury yields higher in the second half of Tuesday's trading session, ahead of hawkish comments from the US Federal Reserve Governor. The uptrend line of the short-term trend has been broken and a new support price at 2312 has just been formed. The relative strength index (RSI) maintains its position below 50, proving that the downward trend in Gold prices is still continuing. In addition, the EMA 34 has begun to cross the EMA 89, in line with the main trend of the market. If sellers muster strength, initial support will be at 2,306 and the decline could extend to the bottom of 2,290 three weeks ago. In the opposite direction, Gold price needs to regain strength when it needs to close the daily candle above 2335 and also above the two moving averages EMA 34 and EMA 89 to return to the long-term upward trajectory. Level 2343 will become an important technical resistance hook for gold today. Support: 2306 - 2291 Resistance: 2328 - 2343 🕯Trading signals 🔼BUY GOLD scalping zone 2306-2304 Stoploss 2301 🔼BUY GOLD zone 2291-2289 Stoploss 2286 🔽SELL GOLD scalping 2328-2330 Stoploss 2333 🔽SELL GOLD zone 2343-2345 Stoploss 2348 ⚡️Psychology, discipline and capital management are the three factors that make victory possible.⚡️
OANDA:XAUUSD
by TVS-Trader
USDJPY still continues to riseUSD/JPY maintained its decline near 160.50 during the European session on Thursday, eroding some of Wednesday's surge. The pair was dragged down by widespread risk aversion and Japan's verbal intervention, supporting the Japanese Yen. The focus now is on potential foreign exchange intervention and US data. The Japanese yen (JPY) weakened again on Wednesday in a nearly 10-day losing streak with only one interruption in its advance. Traders are dipping their toes in the water to see if Japan's Ministry of Finance will intervene in the foreign exchange market. Meanwhile, the Bank of Japan is still unclear when, how and whether it will cut its debt purchase program. The USD/JPY pair is flashing a red warning light when the price action gets too hot. The best evidence is the Relative Strength Index (RSI), which is close to overbought conditions on the daily chart, while the 160.00 magic level, where Japanese authorities last intervened, is very close. Don't expect an immediate knee-jerk reaction, as authorities will want to see whether US data on Thursday and Friday can trigger some easing without having to stick their necks out to intervene. Are not.
by TVS-Trader