October was phenomenally good for WTI oil trading.
My last target for the long trade is lying on 60 level.
Those who are looking for a short trade,
focus on 60 - 61 resistance area .
this area was respected multiple times by the market in the past
and, in my view, it is the safest zone to sell.
for now, it looks...
Evidence of a head and shoulders pattern forming.
Already developed shoulder and a head structure.
Using FIB Retracement, designed a the first bottom that will decide the supporting line for the price in May 2021
cup and saucer formation present, also presenting itself in crypto currencies like NANO which has followed through and broken higher in last couple days, after good bullish run, sup and saucer formation confirming price consolidation, extension to previous highs near 48.00.. long and loving the position, easy stops and good target
obvious head and shoulders formed looking for test of 55 before the rest of the bearish movement is executed.
Following this Price will start looking for its next support, which could be 52.30 - 50.80.
If strong enough support is found we could return back up to make new highs.
If not we have a trip all the way down to 44... possibly.
Not Financial Advice.
here is my multi-timeframe outlook on gold:
on a daily the price is still coiling on a major falling trend line that the price touched last week.
Taking into consideration that the global trend is bullish, I still expect a bullish reaction & continuation.
However, checking the situation on hourly time...
Oil is an an uptrend right now.
Hence, we can see 3 long positions on the chart.
Trade 1 is the riskiest trade of the three. It runs up to resistance on the daily chart.
Trade 2 is a moderate risk trade at perhaps a better entry price.
Trade 3 is the safest long and is about 1.4/1 R/R.
(T.P.) Take Profit = $54.13 (except trade 3 which would be $53.21).
XAU/USD recently broke out from the multi-monthly well respected descending channel and very important horizontal resistance too! I will be looking for a possible pull-back to the broken resistance trendline at 1902 where there is a confluence of 50% of the fibonacci retracement, horizontal resistance and well respected support trendline, with target at the...
Shorting Gold into 1850.00 as mentioned on prev analysis. Commodity went 60-70 pips past crucial weekly level to take out all intraweek/swing sellers and also putting in buyers into the market. It has made 200+ pips in just the Assian session so im expecting a intraday meltdown into the current LOD for the next two sessions ahead. Feeling confident about the move...
I really like the reaction of gold on a major blue resistance cluster based on a horizontal daily structure and a falling trend line.
With bearish engulfing candle formation on a daily, chances are high that the price will turn bearish next week.
Though, signs of weakness make me reassess the initial goal.
1806 - 1810 is...
On the daily chart here, Crude is looking very bullish.
We saw a clean break of previous high ($44) found new resistance at $46, saw a slight pullback to see if previous resistance would act as support which it did and now Oil is back on the run.
I’ll be targeting anywhere between $47 / $50 level.
Of course, if we break $44 then I’ll likely start to look for...
OANDA:XAUUSD is currently holding above its fibonacci level as shown and looks to continue pushing upside towards 0.5 Fibo retrace zone, where the bears and bulls will go head to head once again to decipher the main trend. I am lazy with my descriptions, apologies! :p
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Gold broke key level again.
And though I was quite confident in 1800 level, after two day's consolidation the price has easily broken that.
With yesterday's daily candle close I expect a bearish continuation next week.
The area around 1750 will be the next goal for sellers based on price action in May/June.