Palladium - Intraday - We look to Sell at 1978.8 (stop at 2002.1) Previous support at 1980 now becomes resistance. Short term bias has turned negative. Preferred trade is to sell into rallies. 1985 has been pivotal. Our profit targets will be 1921.1 and 1911.1 Resistance: 1940 / 1960 / 1980 Support: 1915 / 1900 / 1880 Risk Disclaimer The trade ideas...
Daily retest of supply zone and a violet volatility break downwards. Plenty of bearish momentum on the lower high, strength lies with the bears. I think we will smash through any support zones on the way.
Gold traded in a tight range between 1748 and 1765 through the Friday session, failing to break significantly higher despite the weakness in the DXY. As markets consider the risk of a recession in the US and develop a stronger risk-off sentiment, further upside on Gold can be anticipated. Look for the price to break above the 1770 price level to signal more...
Despite having bounced strongly from the 1617 support level, Gold consolidates along the 1680 price level. As the price consolidates and fails to break higher, this signals the potential for a reversal. A reversal in Gold could also be driven by a recovery in the strength of the DXY. Look for the price to break below 1660 to indicate a downside potential, with...
By the end of 2022, the price of iron ore is expected to hit their lowest level in three or four years as global demand for the commodity continues to slow down, particularly from China, the world's largest consumer of iron ore. In recent years, China has been cutting down its iron ore demand especially after the government placed restrictions on the industry to...
Does history repeat itself? It looks like it might, especially in the case of Gold. Having found strong support at the 1617 price level (and DXY weakening significantly) Gold showed a really strong upside move, as the price shot up toward the 1680 price level. This similar price movement happened at the end of September too. With the price bouncing off the...
Natural Gas's all-time price action/chart suggest that it is due for a sizeable, generational bull run, to start within the next 3 years. One could blame it on war or climate change or politics but I am not smart enough to determine which may be the actual cause, if any. I can instead deduct from NGAS' wavemap that we are unlikely to enjoy the low prices we've...
Massive daily green candle broke out of 3-month pennant and gaussian channel after bouncing off multiple moving averages, most importantly the 200 week SMA. The move also has the highest volume since March. Long RSI trend has been broken too. Back in July, I called for a bottom and an accumulation phase for copper (See Below). It played out. Price needs to take...
The pound had rallied against the Aussie for a while. But then we went into a large consolidation pattern. This looks to have fake'breaked to the upside and now is making moves lower. We could get a continuation pattern at a break of this morning's lows. The best thing to do would be to overlay a Wyckoff schematic and see if it could be the end of a distribution period.
Looking at the 4h-timeframe chart of Gold, the following can be observed: the price is pulling back to re-test the 1658 - 1659 area of previously penetrated support which now serves as a zone of resistance. The same area nicely lines up with the 0.786 Fibonacci retracement level. Once that specific key zone is reached, we are looking into closely monitoring the...
Gold bounces from the 1620 support level as its price forms a double bottom. Similar to what happened on 28th September, the price bounced from the 1620 support to test the 1660 resistance level, and retraced briefly before breaking higher again. Looking at the current price movement, Gold could climb to test the 1660 resistance level again. And if the price...
Short term Elliott Wave view on Gold (XAUUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding in 3 waves to complete a double correction. Down from 10.04.2022 high, wave (i) ended at 1700.00 and rally in wave (ii) ended at 1725.78. Then XAUUSD resumes the drop as wave (iii). Internal...
Short term Elliott Wave view on Silver (XAGUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding as a 5 waves impulse. Down from 10.04.2022 high, wave ((i)) ended at 19.92 and rally in wave ((ii)) ended at 20.87. Then silver resumes the drop as wave ((iii)). Internal subdivision has...
After price failed to make a new lower low this morning at 4 AM, the downtrend appears to be coming to an end. Now that price breached the neckline and sustained the breakout, I am anticipating further upside for the next few days.
Hey trader, I hope you're having a profitable week ;) The price is currently running in the bearish H&S L2 as well as below the 50 and bearish crossed short-term MA's. Usually when the price is in a patterns L2, it drops (or rallies) for the L3 after closing with a reversal candle pattern or breaking and retesting the levels support/resistant. But for that to...
Remain neutral/bearish on gold & silver until the US10Y, DXY, & Fed Funds Rates tops. This is the first time since the de-pegging of USD/Gold (in 1975) that interest rates & the USD have been rising. This creates an extremely tough environment for gold & silver to significantly rally being under pressure from high dollar & rising interest rates. Despite...
Commodities are currently repricing lower due to the looming global slowdown. Meaning, there is more potential downside for commodities However, There are more significant tailwinds that will push commodity prices higher in the longer term. DBA ETF broke out of yearly downtrend in 2020 indicating that higher food prices are in the global outlook for the...
After two sets of recent failures (Gold daily chart, right panel), and a lower high to boot... We are looking for a lower low, currently projected to be about 1550. Gold is not going to regain its shine for a while. At the earliest, if possible, end of 2022. Short, Sharp, Simple... as clear as the lustre is lost, Gold down.