Buyers were very much in charge of the market until October 2024 last year when we saw Silver peak around $34.85
From there we saw a decline as sellers took price to $28.76 over the next few months into December 2024.
With price having now broken out of the triangular correction and respecting a bullish trendline, buyers are now firmly in charge until further notice.
On 11th February, price printed a break out above the bearish trendline.
After forming a new high around 108.31, we then saw a slow decline as price started to correct.
Look for a break to the upside for what could be another bullish impulse.
Price has made 2 clear rejections of $2940 with the later being a strong sell off by the bears.
Now price is back at $2880 which proved to be a strong support zone last week.
Look for reversal signs for another push up in line with the range. Alternatively a clear close below $2880 and a pullback may produce a sell setup.
The market continues to see USD/CHF as overpriced above the 0.9200 zone.
For the first time this year, we see price printing a weekly close below 0.9052 which was support over the latter part of January 2025.
More importantly, we have just seen a weekly close below the 'big number' 0.9000 and may see further downside.
In addition, the stochastic has now dropped...
Price has printed a low and lower lower during January and a potential higher low this month.
With a clear trendline in play and a possible change in cycle, look for price to create a bullish impulse breaking above the trendline. A correction may then produce a buy setup if it meets your trading rules.
Price may have made a lower high at the 78.6% Fibonacci level.
Any sell setups may lead to further downside in line with a correction in the parallel channel.
The first target could be 1.9596 where price most recently found support.
The second target could be the base of the channel or the -27% Fib extension.
We can see a double rejection of the daily resistance level 1.67730
In addition price rejected support at 1.65220 as price found a range between the two levels.
Now with price finally broken and closed below support, there may be an opportunity to sell on a pullback and a sell setup with a potential target of 1.63840, which last acted as daily support in December 2024.
Price has shown a strong rejection of 1.5150 which has acted as a sell zone on numerous occasions last year.
Ideally we will get a pullback towards the big number 1.50 to 1.5040 and a rejection.
Final targets could be at the bottom of the zone at 1.4550
Gold has been moving within a parallel channel and printed a pin candle as it tested the top of the channel last week.
We may see price stall here as buyers lose grip of the market.
A break below the trend line and 2740 could lead to a sell setup targeting the bottom of the channel.
Price has been moving in a steady uptrend since the last quarter of 2024 with the big number 1.4600 next in sight.
However, an observation to note is that that the MACD has recently made a lower high, contradicting what is happening with price. We call this divergence and it's a sign that in this case buyers may be losing their grip of the market.
We could see...
Since forming a double bottom (reversal) at 1.7500, buyers have been in total control of the GBP/CAD market.
Now we may see a correction/retracement play out before the next move up.
An area of interest is 1.7750 which has previously acted as support.
There is a Bank of Canada rate statement on Wednesday.
Price has struggled to print a daily close above 1.04290 until Friday last week when we saw a convincing push from the buyers and a close of 1.05215
Now we could look for a pull back, retest and rejection of previous resistance and a move up to 1.05880 which was resistance back in December 2024.
Agree or disagree?
Price for Gold has continued to move higher, and as we can see on this 4 hour chart, there have been specific levels broken and retested before progressing further.
$2660, $2695, $2720 are the most recent levels where we can observe the break/retest/rejection price action.
The next level of interest could be $2760 which broke on Thursday but has yet to be...
Price appears to be moving within a triangle formation.
Last week we saw what might have been a break out. However, this weeks trading has seen price action back inside the triangle.
There is a possibility that we may now see an impulse of buying towards the top of the structure. Look out for the Bank of Japan rate statement later this week.
Price has recently printed multiple tests of 1.1100 to 1.11200, with sellers failing to hold price below the level.
A similar situation occurred in November 2024 with buyers eventually winning the battle and taking price all the way to 1.13600.
Look for the possibility of the same thing happening if we see an impulse of buying.
Price reached the daily resistance level of $2620 per troy ounce on Thursday and then and a bearish inside candle on Friday.
The level was last tested and rejected in December and November last year.
If the next daily candle also has a bearish close, we may see an Evening Star pattern form. Some traders see this as a reversal pattern at resistance but how you...
Price has rejected the ascending trend line 3 times (September 2024, December 2024 and now January 2025).
We could be seeing a triangle pattern in play when looking at the lower highs.
Look for potential long signals if they meet your strategy rules.
Price has been moving with a daily range since September 2024.
Resistance sits at 1.13600 whist support sits at 1.11200
Price most recently double topped at resistance and could be on its way back to support.
