Gold has just broken through a major trendline. I believe price will only retrace back to trend for it to make a strong bullish movement. Price has done this previously at this price so we could see a repeat of history. I will be entering a long position where my TP will be where price reached before after that strong bullish movement (from 06/10 - 04/11)
Copper HG1! has been trading in a channel lately, and in a couple of trades we profited by the bounce on the descending trendline (magenta in the chart).
Indicators look still quite bearish while the triangle pattern might suggest a continuation pattern high as I think it will go this direction but let's wait for confirmation.
Be ready for action!
Short-term consolidation is underway, with Crude Oil prices currently balanced around the USD47.20, (61.8%) Fibonacci retracement.
However downside risks remain in force as bearish weekly studies deepen.
Further weakness is looked for, with a break below the USD47.01 low of 22 March opening up the USD45.28, (76.4%) retracement. Still lower is the USD44.82 low of...
Looking to trade coffee long with stops under previous cycle low for conservative risk. Target upper TL , allow for fluctuations of price with an accommodative stop management in order to achieve the desired target.
With uncertainty about where the dollar index is likely to go i believe investors are looking to buy Gold as a safe haven until, on the hourly chart i can see a sell off from the recent spike is likely to hit the 0.382 fib at 1221 until we see more buyers come back in.
The Dollar has appreciated as the FED have announced a rate hike as early as March is on the table. Commodity prices have struggled in this environment and hurt the Aussie dollar. I see this pair making a new low as more bears enter the market. This technical set see's a strong downtrend with a pullback failing to close over the 0.61% fib level and downward...
Crude Oil prices have begun their anticipated corrective pullback.
Prices have broken below the USD50.71 congestion base and reached the USD48.35, (23.6%) Fibonacci retracement of the 2016-2017 rally. Falling momentum studies and the bearish Tension Indicator (not shown) anticipate still deeper reactions towards the USD47.18, (61.8%) Fibonacci retracement of the...
Up and coming long. I think the low of GOLD will be either weekly support or .236 fib support. This would create a higher low for a trend that may start to form. I am waiting to go long instead of going short now due to patience and more PIP's.
Gold prices have extended the December 2016 rally. However, buyers are having difficulty sustaining levels above the USD1248.50, (50%) Fibonacci retracement of the July-December fall.
A corrective pullback is now looked for, as the Tension Indicator continues to weaken, with focus turning to USD1200. A close beneath here will turn investors cautious, but critical...
Gold prices have failed to extend the December 2016 rally. Prices are settling back from the USD1263.80 monthly high of 27 February, as bullish short-term studies unwind.
Focus is turning to the USD1216.80 low of 15 February, with the USD1210, (38.2%) Fibonacci retracement just beneath here. A break to congestion around USD1200 is looked for, as overbought...
I have been waiting a few weeks for Crude to get to this point now, we have tested the 61.8 fib twice in the last few hours and seems to be a lot of buyers there, we are also hitting its uptrend support from back in December and i believe now we will see a continuation to $55 a barrel.
*View previous GOLD post*
Price has moved as I predicted to the inner trendline. Now I will be looking to go long until a higher high, however I do believe price could break through to the outer trendline. Therefore, I will patiently wait to see how the candlesticks on the 1hr and 2hr timeframe plays out.
In this pair, I have analysed and come up with two possible scenarios. The two uptrends shown are very strong and likely to continue. I believe that price may bounce of the first trendline (blue arrow) however if it does breakthrough, it will bounce of the second trendline (green arrows). I believe the second trendline is more likely as it has only had 2 touched...
A doji was formed around a strong resistance line on the 4hr time frame. I am comfortable that a drop will occur and will I hold unto this position until it reaches the 50% Fibonacci line. In which I will conclude if this position has potential to move further down.
My stop loss is above the resistance line.
Coffee is already almost hitting the trendline formed on the Daily chart.
It broke the 4-hourly trendline some days ago so a bit of extra caution is needed; however, the Risk-Reward-Ratio looks quite promising.
Watch for the opening of the next 4H chart!