Gold has now had a 3rd touch of the resistance trend line where we could see a reversal occur. So far, todays candle is looking bearish. Looking for sell setups could be a wise move now.
Gold buyers were totally in control at the end of last weeks trading. One price point to watch is around 2392 where we saw buyers step in on Friday. We might see some similar tests of this zone like we did at 2352 earlier this month. Let's see how it plays out this week.
Since rejecting major resistance at 0.9200, price has been steadily declining within the bearish channel shown in our chart. The next stop could be the previous swing low at 0.8840 with further downside momentum taking price to the base of the channel and at previous support around the 0.8750 zone.
Price is clearly moving in an uptrend and has pulled back to the 20EMA (blue line) with a bearish close. There is potential for price to find support here and buyers to start entering the market again with a view to creating a higher high in the trend.
Price has produced a text book break and retest of the the 0.6600 zone with a strong bearish candle on the final day of trading last week. There is potential for more downside in the new week.
Gold has now made a bullish break out from the triangle. Something to also note is the retest and bullish engulfing candle, cementing the move. There is potential for further upside in the new trading week. Look for setups that meet you strategy rules.
Gold is moving within a daily triangle and has been consolidating within 4 hour support at $2319.22 and 4 hour resistance at $2334.37
Todays London session has seen price break to the upside and if it it closes outside of the range, could lead to more upside testing the top of the triangle.
We may be seeing a change of cycle on this pair with a potential lower high being formed after price rejected the 61.8% retracement. A break of Fridays low could signal further downside.
Since printing a daily swing low at 1.0750 earlier this month, the buyers have been steadily pushing price higher. Resistance was found at 1.0885 for several days until breaking through last week. There may be a pullback/retest/rejection and a long setup on the cards in the new trading week.
Price has broken support at 1.9110 and has the potential to reject the zone and push down to test the next support level at 1.8900. If price closes back above 1.9110 on the daily, then we may be seeing a false break.
The 160 price point proved to be too much for the buyers at the end of April this year. The end of last week closed 17 pips shy of the big number. Will we see a reversal like we did when price tested and rejected the 152 wick high?
The MACD has produced a lower high when price has produced a higher high indicating a potential reversal is in sight. Check out what happened over December 2023 and January 2024 when there was a similar situation. Wait for the breakout before considering any sells as the market sentiment can change.
There's a clear bearish trend showing on the bigger picture for EUR/USD with price currently correcting to the upside. Be on the look out for sellers to come back into the market which will show on the smaller time frames first.
Price has recently tested 0.6210 and has so far been rejected. This was daily resistance in February and March which was followed by a 360 pip drop down to the 0.5900 zone. A close above 0.6210 could lead to a retest and bullish run up to 0.6370 with longer term shorts looking viable after a break back below 0.6082.
Price is moving within a descending channel on the bigger scale and has just broken out of a correction on this daily time frame. Look for any corrections/sell setups that meet your strategy rules with a view to price reaching the sloping level of support (bottom of the channel).
Since rejecting major resistance in the 0.9200 zone, price has been on a steady decline with the last break of support being seen at the 0.9020 area. It's possible that we may see this zone retested and rejected for further downside. Be careful of the FOMC statement later which may cause market volatility.
We can see a big reversal in price off the rising trendline during the final day of trading last week. We could potentially be at the beginning of another bullish impulse.
Gold daily had a huge sell off on the last day of trading on the headline that China halted reserves buying after an 18-month stretch. Technically, we can see a Head & Shoulders pattern in play with price testing the neckline at the close of business. If the pattern follows through, we will see more downside, especially after Fridays bearish engulfing candle.
