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Ascending Channel

SOL → Accumulation in the bullish trend continues ↑BINANCE:SOLUSDT after the shakeout relative to resistance and triangle support continues to consolidate again on the background of the bullish trend. The priority of the figure is the continuation of the current trend. The strong fall due to fundamental reasons: the US unemployment rate, profit-taking and panic are quickly bought back, bringing the coin back into the range, which in general hints us at a strong bullish component of the market. After a retest of 162.45 resistance, a correction is forming, 0.5 fibo may be tested, or trend support before further upside. Emphasis on triangle resistance, a retest or pre-breakout consolidation may be formed before a breakout. Support levels: 141.2, 136.7, 126.4 Resistance levels: 162.45, 188.32 Fundamentally, the menet has a good potential. Technically, the price is in a sideways movement, but against the background of a global bullish trend. After consolidation, a distribution is formed and our task is to understand in time when this distribution can start... Rate, share your opinion and questions, let's discuss what's going on with ★ BINANCE:SOLUSDT ;) Regards R. Linda!
Long
by RLinda
9
GOlD → stick to the long positionhello guys. I believe gold is still bullish and only long positions are logical. Channel Breakout: The price of gold has broken out of the main ascending channel, indicating a strong bullish move. Fake Divergence: A fake divergence was spotted, but the price continued to rise, rejecting bearish signals. Support Zone: The price is currently hovering above a significant support zone (highlighted in blue), which could serve as a springboard for further upward movement. Target: The next potential target lies near the upper boundary of the newly formed channel, around the $2,550 mark. Summary Breakout: Price broke above the main ascending channel. Support: Holding above a key support zone. Target: Aiming for $2,550 as the next potential resistance level. ___________________________ ✓✓✓ Always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
OANDA:XAUUSDLong
by melikatrader94
17
PEPE → Pre-break consolidation and retest of MA-200BINANCE:PEPEUSDT is consolidating after a shakeout. Bulls are emphasizing the resistance at 0.00000827. On W1, the coin is consolidating above key support, which is a good sign amid the overall bullish trend. PEPE is trading above trend support and is not going to go down yet. A decrease in volatility is forming - “consolidation” character of the movement. After retesting the resistance, the price returns to the level for another test, which only increases the chances of a breakout of the area. Consolidation of the price above this area may affect the breakout of MA-200, which will be a confirmation of the readiness to go up. Technically, the zone of interest is 0.00001088 and “ob” in the zone 0.000013. Resistance levels: 0.00000827 Support levels: 0.000007615 We continue to follow the price. The trend is bullish and there are no preconditions that would lead to a trend change. Technically, I expect an attempt to break the upper boundary of consolidation and further growth to the specified targets. Regards R. Linda!
Long
by RLinda
3
Technical Outlook on XAU/USD: Rising Wedge and Ascending Channel1. Daily Chart (D1) Pattern Observed: There is a noticeable ascending channel forming. The upper boundary is marked by a series of higher highs (HH), and the lower boundary is marked by higher lows (HL). Resistance Zone: The chart indicates a key resistance around the 2,540–2,560 level, highlighted by the upper trendline of the ascending channel. Support Levels: Key support zones are marked around 2,267 (Weekly LQZ) and 2,353 (4HR LQZ), which coincide with significant price action in the past, potentially serving as strong support areas in case of a pullback. Market Behavior: The market is currently testing the upper trendline resistance of the ascending channel. A rejection from this level could indicate a potential reversal or a pullback to the lower boundary of the channel. 2. 4-Hour Chart (H4) Pattern Observed: The 4-hour chart also shows a more defined rising wedge pattern, which is typically a bearish reversal pattern when it forms in an uptrend. The price is trading near the upper resistance line of this wedge. Liquidity Zone: An important liquidity grab/rejection area is marked around 2,476, which aligns with previous price consolidations and rejections. This area could serve as a strong inflection point where price could either rebound or break below, leading to a deeper correction. Highs and Lows: A series of higher highs (HH) are visible, but the formation of a recent lower high (LH) could signal the start of a potential reversal if the price fails to create a new higher high above the previous peaks. 3. 1-Hour Chart (H1) Pattern Observed: The 1-hour chart presents a more detailed look into the price action within the wedge. The price action is currently within a tightening range, reflecting indecision and possible consolidation before a breakout. Support and Resistance: Near-term support is identified at the liquidity zone around 2,476, and the resistance aligns with the upper boundary of the wedge pattern. Potential Setup: A bearish divergence could be developing, given the price action nearing resistance while momentum indicators (not shown here) might start to flatten or decline. 4. Multi-Time Frame Analysis Higher Time Frame Influence: The weekly flag pattern identified on the daily chart is influencing the overall bullish bias. However, the rising wedge pattern on both the daily and 4-hour charts suggests caution as a potential bearish reversal could occur. Key Decision Zones: If the price breaks above the upper boundary of the wedge, it would likely aim for the next resistance levels around 2,560 and possibly beyond, towards 2,600+. Conversely, a breakdown below the wedge's lower boundary could accelerate selling towards the 2,353 and 2,267 levels, where major liquidity zones reside. 5. Trading Strategy Insights For Long Positions: Consider entries upon a confirmed breakout above the upper boundary of the ascending channel/wedge, targeting the next significant resistance levels. Utilize tight stop losses to minimize risk in case of a false breakout. For Short Positions: Look for bearish confirmation such as rejection from the upper boundary or a breakdown below the support trendline. Potential targets would be the 4HR LQZ and the Weekly LQZ, with stops above recent highs to protect against unexpected volatility. Conclusion: The current price action suggests a critical juncture where the Gold Spot (XAU/USD) is at a significant resistance area. Traders should watch for a breakout or breakdown from the wedge pattern on the 4-hour and daily charts to determine the next directional move. Keep an eye on volume and momentum indicators for confirmation, as well as news events that could influence gold prices.
OANDA:XAUUSD
by Adlercon333
BNX → The coin is stronger than the market. Bullish trendBINANCE:BNXUSDT looks quite strong relative to the entire cryptocurrency market, maintaining an already strong bullish trend. The price is forming a range and it is worth paying attention to its boundaries... The situation is complicated by panic, bitcoin is unstable and thus creates unnecessary volatility in the whole market. The ideal outcome would be to stop the market and reduce volatility or consolidate so that action can be taken. But in fact BNX looks stronger than the market and this is worth taking into consideration. The focus is on the strong 1.4252 - 1.2800 range. Because of the challenging technical environment, two scenarios are worth considering (but I like the resistance breakout the best) If the bulls hold 1.2800 and start gradually approaching 1.4252, we should expect a breakout with further upside to 1.75 range resistance or even higher in the long term. Support levels: 1.28, 1.1618 Resistance levels: 1.4252, 1.5161 However, if the bulls fail to hold 1.28 and the price breaks the support on the background of high market volatility, it may test 1.1618 - 1.0399 once again before further growth, as the uptrend is still in place Rate, share your opinion and questions, let's discuss what's going on with ★ BINANCE:BNXUSDT.P ;) Regards R. Linda!
Long
by RLinda
2
GBPUSD → False breakout of the range boundary FX:GBPUSD is testing wide range resistance in the distribution phase against the backdrop of the falling dollar. The market spent energy on strong growth and there is little chance of a breakout of 1.305, a correction or consolidation may follow. GBPUSD strengthens the bullish trend, but on its way meets strong resistance - the border of the range. Within the range, the price may form a correction to the nearest liquidity zones, such as 1.297, 1.294 or 0.5 fibo. Fundamentally, the dollar is declining amid the dovish stance of the Fed. The focus is on Friday's speech of Powell. The official's strong hints may intensify currency movements and volatility in the market. Support levels: 1.297, 1.294, 1.292 Resistance levels: 1.3044 Technically, a reversal follows after a strong rise and a false breakdown. The range boundaries are still in place and continue to hold the price Regards R. Linda!
Short
by RLinda
4
XAU/USD Technical Analysis: Ascending Channel with Multi-TouchThese charts depict an evolving market structure for XAU/USD (Gold Spot) and highlight significant zones and patterns across multiple timeframes. 1. Key Patterns and Channels: Ascending Channel: A dominant ascending channel is visible on multiple timeframes. This is a classic continuation pattern, suggesting that as long as price remains within this channel, the prevailing trend (upward) is intact. The channel's lower boundary has been tested multiple times, reinforcing its validity as a support level. Weekly Flag: The “Weekly Flag” mentioned is a larger pattern that might suggest a continuation of a broader trend. Flags typically form after strong moves and consolidate before a potential continuation in the direction of the initial move. The flag is being “correctively broken,” which hints at a potential retest of the lower boundary or a reversal if the flag fails to hold. 2. Liquidity Zones (LQZ): 15M LQZ / Reversal Zone: This zone is near the current price and is a high-probability area for a reversal or significant price reaction. The price reacting to this level could determine the short-term direction. 1HR and 4HR LQZ: These zones are lower and represent potential targets or areas where the price might find support if it breaks down from the current structure. Daily and Weekly LQZ: These are even broader zones of interest. Their distance from the current price indicates that if the price moves toward these levels, a significant trend change or a large corrective phase could be unfolding. 3. Potential Scenarios: Bullish Continuation: If the price holds within the ascending channel and breaks above the “corrective break” in the weekly flag, this could lead to a continuation of the upward move, targeting new highs. Bearish Reversal: If the price breaks below the ascending channel and breaches the 15M LQZ, it might move towards the lower liquidity zones (1HR, 4HR), indicating a deeper correction or a trend reversal. Multi-Touch Confirmation and Advanced Pattern Recognition: Multi-Touch Confirmation : The chart shows multiple touches on the trendlines, especially on the ascending channel's lower boundary. These touches reinforce the trendline's validity and increase the likelihood of a significant move upon the next touch​. ADVANCED Pattern RECON: The "corrective break" within the weekly flag and the smaller internal channels within the larger ascending channel provide a "pattern within a pattern" scenario, which often precedes significant moves​. Conclusion: Monitor the 15M LQZ closely as it's a crucial area that could determine the short-term direction of the market. If price reacts strongly at this level, consider the implications for either a continuation (bullish scenario) or a breakdown (bearish scenario).
OANDA:XAUUSD
by Adlercon333
2
GOLD → Traders consolidate ahead of news...FX:XAUUSD is forming a trading range. The emphasis is on 2531 - 2485. On the background of profit-taking, before the news, the price may test the support before further growth. . The fundamental environment is the same: tensions in the Middle East and focus on Powell's comments on Wednesday and Friday. Today it is worth paying attention to the FOMC meeting, which will take place at 18:00 GMT. People are not interested in the rate cut itself, but in hints, comments and statistics. Technically, the global bullish trend continues, but before the news traders are not ready to take any important actions to continue the trend. On the background of profit-taking or manipulation, the price may come down to liquidity zones before further rise. Resistance levels: 2510, 2525, 2530 Support levels: 2495, 2488 The focus of his trading strategy is to build a bullish trend, which is still dominating the gold market. But, it is worth paying attention to the news. Regards R. Linda!
FX:XAUUSDLong
by RLinda
3
GOLD → We're up to 2500. What's next, up or down?FX:XAUUSD is updating its historical high due to fundamental reasons. At the moment the market is struggling for 2500, at the same time the dollar is showing the prerequisites of readiness to go south. Fundamentally, there is a lot of interest in gold for several reasons: Crisis in the Middle East, expectations of Iranian action. A shift in the policy dovish view of the economy by the Fed Jackson Hole Symposium. Traders are quite positive, in anticipation of Powell's comments on the economy and their impact. Technically, a strong bullish trend and the realization of accumulation is forming on D1. The price updates the high and closes Friday's session very promisingly (at the weekly and daily high) A price consolidation above 2510 will be a good starting point to the next psychological levels. Resistance levels: 2510, 2525, 2550 Support levels: 2495 Technically, the focus is on the 2510 - 2495 range. If a false breakout of resistance is formed, profit-taking or MM actions may provoke price decline to the imbalance zone before further growth. But, a confident consolidation of the price above the resistance may form an impulse to 2525. Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDLong
by RLinda
14
GBPUSD → Double bottom + false breakdown = reason for growth ↑FX:GBPUSD is changing its course to the north. Double bottom, false breakout, return in trend boundaries, support in the form of MA-200 & MA-50 is the reason to change the market mood and give confidence to speculators. An interesting and promising picture is forming on D1. The price on the background of the retest is confidently consolidating above the previously broken resistance of the symmetrical triangle, which held the market within its boundaries for quite a long time. Against this background, hedge funds increased their longs in GBP to the maximum for 6 years Technically, the focus is on the resistance at 1.2894. The primary retest may provoke a small rebound, but against the background of strong buying and weak dollar, the big buyer is still in the game, this fact may lead to the break of the key resistance and further growth to 1.30 - 1. 32 Resistance levels: 1.2894 Support levels: SMA, 1.2818 If the price is able to consolidate above 1.2894, we should expect further growth. But at the moment there is a high probability of a small correction before further growth. Rate, share your opinion and questions, let's discuss what's going on with ★ FX:GBPUSD ;) Regards R. Linda!
Long
by RLinda
3
DXY just printed 3 red soldier pattern on the 1day chart3 red soldiers, also known as 3 black crows, is when the price action forms 3 candles in a row of similar body length with very small wicks on both ends of those candles. This usual signals that there is more downside to come. We can also see here that we have now closed to full candle bodies below the ascending channel for the first time. The measured move breakdown target from the channel is at $96. I would not be surprised if we saw a dead cat bounce back up to retest the bottom trendline of that channel as solidified resistance before the full breakdown Also of note is the 200 weekly moving average (not shown here) is currently around 100.25 so that could provide at least temporary support before it reaches the full breakdown target of the channel. *not financial advice*
TVC:DXY
by DrDovetail
Gold on the Brink: Major Price Shift Expected – Will It Surge?Key Observations: 4HR Channel: The price is operating within a larger ascending channel on the 4HR timeframe. This channel is guiding the overall bullish momentum seen in the price action. Weekly Flag: The upper trendline of the weekly flag intersects with the current price movement, suggesting that this is a significant resistance level. The price is showing a potential reversal as it interacts with this upper boundary. 15M Channels: Ascending Channel at the top of the 4HR channel: This smaller ascending channel within the larger 4HR channel might suggest a short-term bullish continuation, but it's also positioned at a critical resistance level, indicating a possible exhaustion point. Descending Channel: Indicates a corrective phase within the overall uptrend. The price broke out of this descending channel, which led to the recent upward momentum, aligning with the weekly trend. Potential Scenarios: Bullish Continuation: If the price manages to break above the ascending channel at the top of the 4HR channel, it could signal a strong bullish continuation. The price may retest the upper trendline of the weekly flag before further advancing. Bearish Reversal: Given the significant resistance from the weekly flag’s upper trendline and the upper boundary of the 4HR channel, a rejection here could lead to a decline. This might trigger a correction back down towards the lower liquidity zones (LQZ) marked on the chart. Considerations: Liquidity Zones (LQZ): The 15M LQZ around 2,485-2,477 is crucial. A break below these levels might confirm a bearish reversal, while a bounce could suggest accumulation before another upward push. Mass Psychology: As price approaches the upper resistance levels, watch for potential signs of exhaustion or overbought conditions, which could reflect a shift in trader sentiment, leading to a reversal. Strategic Approach: Risk vs. Reduced Risk Entry: If looking to enter a trade, consider the possibility of a reduced risk entry on a corrective pullback to the lower 15M LQZ if the price respects these levels. Alternatively, if the price breaks above the ascending channel, a riskier entry might be taken on the breakout, with stops placed just below the channel's boundary. Multi-Touch Confirmation: Watch for a third touch or more on either the upper resistance or lower support levels to confirm a potential reversal or breakout, as per the rule of three discussed in your uploaded materials​​​. This setup requires careful monitoring, especially at critical support/resistance levels, to determine the next directional move with confidence.
OANDA:XAUUSD
by Adlercon333
4
GOLD will rise by +300% in only 3 years! (Better than Bitcoin)I am pretty confident that GOLD will rise by +300% in price in only 3 years! Is gold a better investment than Bitcoin at this moment? Should you sell BTC and buy GOLD? Definitely yes, and I will tell you why! Gold was in a sideways consolidation period from 2011 to 2024. And this year, in March 2024, the price finally made a strong breakout bullish candle on the monthly chart that changed everything! The big players have a lot of liquidity and then cannot move large amounts of money from one asset class to another with a single order. Also, for them, it's not best to buy all assets at the same time. In 2024, we see that big players are hugely interested in gold again, so this should be your main focus. Why can Gold go 300% in 3 years and Bitcoin cannot? That would be around 210,000 USD per Bitcoin in 2027, and we know that this is impossible to happen as Bitcoin is statistically dropping every third year by 70% - 90%. Of course, big players are using this high volatility to buy cheap Bitcoin and to force retail investors to sell in a huge loss. They will do it again, as it's extremely profitable for them. Most likely, the price of Bitcoin in 2027 will be below 70k! From a technical perspective, on the monthly chart we can see that the price of GOLD is inside this ascending parallel channel (since the year 2000). The probability of touching the top of the ascending channel is very high at this moment. From the Elliott Wave perspective, gold is starting an impulse wave (3)! Usually, waves 3 are the strongest! Another indication that huge news is coming for GOLD.  Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Editors' picks
OANDA:XAUUSDLong
by Xanrox
103
EURUSD → Attempting to change the global trend.... FX:EURUSD after the retest of the trend resistance is forming a correction, which is correlated with the growth of the dollar index. By the nature of the movement, the currency pair is in the bull market phase.... False breakdown of the symmetrical triangle resistance. The fundamental background for the currency pair is relatively positive. The dollar will continue its decline in the future, which is favorable for the euro. In this case, after the end of the correction, it is possible to retest the resistance with the aim of breaking through and further change of the global trend from neutral to bullish. Technically, the focus is on 1.0916 and 1.095. Breakout and price consolidation above this zone will be the beginning of further bullrun. Support levels: 0.5 fibo, 1.087, 0.7 fibo, 0.79 fibo. Resistance levels: 1.0916, 1. 095 Both technically and fundamentally, we have positive preconditions for the growth continuation. The correction may take a little longer, but it is worth paying attention to the key zones indicated on the chart. Rate, share your opinion and questions, let's discuss what's going on with ★ EURUSD ;) Regards R. Linda!
Long
by RLinda
3
GOLD → Pullback from 2477. What's next? News ahead... FX:XAUUSD strengthens to an interim high and hits strong resistance at 2477.5. Gold is not ready to break the boundary yet and is forming a pullback ahead of the news - PPI to be released at 12:30 GMT. Fundamentally, traders are still watching the situation in the Middle East as there are rumors of different nature every day. If the conflict escalates, it will only increase the interest in the metal. Also, traders are waiting for PPI (one of the key inflation reports) as well as CPI (to be published on Wednesday) to determine if the US Federal Reserve is preparing a significant interest rate hike after the weak employment report. Technically, 2477 and 2458 are worth watching. If price starts to return to resistance and consolidate near the level, then a breakout is worth waiting for. But a break of support at 2458 will send the price down to the zone of interest before a possible rise. Resistance levels: 2477, 2483 Support levels: 2458, 2450, 2439 Key focus on news and market fundamentals that could set a medium-term tone for the dollar and gold. But, technically gold is strongly bullish... Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDShort
by RLinda
14
ETHEREUM → A train can become a rocket. Key zone 2700 - 2800 ↑The market is buying back BINANCE:ETHUSDT after a big fall due to fear. Bulls kept the price below 2000 and now they are trying to keep it above 2500. The overall bullish backdrop is still in place..... A very promising technical situation is forming on W1. If the price returns to the global sideways range, we will have good prerequisites for a rise to 4000 - 4800. Fundamentally, everything is the same, the general background is bullish. The liquidation (strong downward movement) and the subsequent active buyback indicates that the market is free of unnecessary traders and the train can now move in the right direction, it remains to get to the key station before departure. The key stations are the 2717 - 2817 area. If the bulls can overcome this resistance and consolidate above, thus forming a strong support area and an intermediate bottom, then the market will have an important and promising liquidity target above 4000. Support levels: 2518, 2425, 2400 Resistance levels: 2717, 2817 The whales continue to buy the asset after a strong fall, despite the fact that the chart looks bearish, there are key prerequisites indicating that the big players are still bullish. The focus is on the key resistance at 2717. After Friday's test and pullback, the price is back to the level, which increases the chances of a breakout. Rate, share your opinion and questions, let's discuss what's going on with ★ BINANCE:ETHUSD ;) Regards R. Linda!
Long
by RLinda
8
NZDCAD → Consolidation prepares the market for a trend change ↑FX:NZDCAD is breaking the current bearish trend and forming a bullish off-trend pattern. Focusing on the 0.82863 "trigger" resistance, bulls are targeting it to break this area... Accumulation is forming in relation to the mentioned zone, if the structure will remain, and buyers will continue active attacks towards the "trigger", then in the long term we can look for an entry point for a breakdown. The market is still restrained by MA-200 & MA-50, but the 200-day line is undergoing a third retest, which generally increases the chances of price consolidation above the key SMA. Globally we have a neutral trend, locally the market sentiment is starting to turn bullish. The structure will be broken if the price consolidates below 0.82239. Resistance levels: 0.82863, MA-200 Support levels: 0.82239, MA-50 Fundamentally, the situation in New Zealand is calming down and the market is starting to recover losses. Emphasis on the ascending triangle on H4, it is possible to build short-term and medium-term prospects in relation to this figure Rate, share your opinion and questions, let's discuss what's going on with ★ NZDCAD ;) Regards R. Linda!
Long
by RLinda
5
GOLD → The bulls kept the market from falling. Emphasis on 2431FX:XAUUSD is working out the range support and realizing the potential of the pattern "symmetrical triangle" in a bullish direction. On H1-H4 the market is in a sideways range, locally we are dealing with a bullish trend. There is no news today. Technically, a bullish market is developing. Global trend is upward, local trend is neutral with bullish prerequisites. The price is squeezed between the resistance at 2431, which is the key resistance. A breakdown and consolidation above this zone will open a huge potential for the market. On H1, consolidation is forming above the support at 2418, a retest and liquidity capture is possible before further growth, as the bullish potential (locally) is not exhausted yet and the upward movement can be continued, but after a small correction. The market is perfectly working the lower boundary of the range 2369 and now considers the upper boundary 2477 as a potential.... Resistance Levels: 2431 Support levels: 2418, 2407, 2402 Emphasis on these levels. Most likely MM may test the support before the subsequent rise. But the primary retest of 2431 may give a small correction before the breakout and impulse to the mentioned targets. Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDLong
by RLinda
10
SOLANA → Correction to the liquidity zone before the rally ↑BINANCE:SOLUSDT enjoys high interest from both a fundamental and technical perspective. Bulls overcome key resistance, but the coin follows bitcoin and there are nuances.... Solana's growth is likely to continue because it is well positioned to capture the next wave of cryptocurrency adoption. Likewise, the coin is also strengthening as the third major crypto asset after Bitcoin and Ethereum. Investors evaluate such positive factors as: high activity amid the BTC correction, more meme coins (weird, but okay), growth in overall capitalization and DEX volumes on the network, and low commissions. This whole conglomerate suggests that Solana could be the next crypto-ETF to launch. Technically, we should pay attention to the nuance between Mt.Gox and BTC, accordingly, the market may slip to support until the situation stabilizes before further growth, which can be influenced by ETH-ETF. Resistance levels: 162.45 Support levels: 140.0 133.8, 122.3 The market may let the correction continue due to Mt.Gox, which activated BTC transfers after a test transaction today. And since SOL actively follows BTC, the moves could be correlated. The bullish trend will continue after the situation stabilizes. Rate, share your opinion and questions, let's discuss what's going on with SOL ;) Regards R. Linda!
Long
by RLinda
10
GOLD → Consolidation above global trend supportFX:XAUUSD is trading inside the global range. The focus is on local support and resistance levels. The dollar is temporarily rising, which has an impact on gold, which is globally in a bullish trend. The gold price remains vulnerable despite the US Federal Reserve's dovish stance. The gold price continues to lose ground for the fifth day in a row on Wednesday, approaching a one-week low on the back of a generally stronger US Dollar (USD) and rising US Treasury yields. There are not many key news today, so the general fundamental background and technical component should be evaluated as a priority. Technically, gold is not allowed below 2369 and 2380, forming a correction and a retest of the resistance at 2397-2400. If the bulls are able to break this zone and consolidate above the level, we can get on the train to the north, but an active struggle of differently-minded traders is forming in this zone. The trading range for today is 2420 - 2370 (confirmed by the movement of August 05 - 06). Resistance levels: 2397, 2400, 2420 Support levels: 2380, 2370 If bears hold resistance, price may test the lower boundary of the range. But, a retest and breakdown of 2420 would disrupt the market structure and character and create a fickle mood, within which the bulls may give impetus. Rate, share your opinion and questions, let's discuss what's going on with ★GOLD ;) Regards R. Linda!
FX:XAUUSDLong
by RLinda
15
GOLD → False break of range support led to a reboundFX:XAUUSD reaches the liquidity zone of 2370, forming a false breakdown, confirms the presence of a strong range boundary. The market may move into a sideways trend. Fundamentally, the situation is still complicated. The U.S. regulators are trying to change the market's mind on the recession issue, trying to keep the market calm. The question of aggressive actions of regulators is still open. At the moment everyone is watching the actions in the Middle East, as the activity on the background of the war already unleashed can again affect the price of gold. Markets continue to estimate almost 90% probability of a 50 basis points cut in US interest rates in September. Let me remind you that it is not the fact of reduction that matters, but the hints and comments of regulators. At this time, gold is forming a global range of 2480 - 2370. Resistance levels: 2420 Support levels: 2400 Technically, gold may go into a consolidation phase, but in the future it is worth watching the resistance at 2420. As a pre-breakout consolidation or a quick retest may lead to a breakout attempt and growth Rate, share your opinion and questions, let's discuss what's going on with ★GOLD ;) Regards R. Linda!
FX:XAUUSDLong
by RLinda
5
EURUSD → Consolidation before distribution. Target 1.100FX:EURUSD is forming a wedge, the nature of the pattern is consolidation. FOMC & FED meeting is ahead. The main issue is inflation and interest rate cuts. What should we expect? 100% probability that today the rate will remain unchanged, but Powell at the meeting may signal a Fed rate cut in the coming months amid slowing labor market growth. Eurozone consumer inflation fell from +0.2 to 0% (expected -0.3%) and core CPI rose by 0.1 to +2.9%, suggesting a generally improving environment for a stronger EUR. Technically, the bulls are trying to hold the area of 1.08. A descending wedge is forming on the chart, another retest, if the fundamental background persists, may lead to a break of resistance. In this case, the market may move into the distribution phase, within which it is able to update the local maximum. Resistance levels: 1.0852 Support levels: 1.08 Traders are in no hurry to act prematurely and will wait for the Fed and FOMC meeting. Technically everything is favorable to start the growth. Potential target is 1.100 Rate, share your opinion and questions, let's discuss what's going on with ★EURUSD ;) Regards R. Linda!
Long
by RLinda
6
GOLD → Ahead of NFP. Shall we get to 2500?FX:XAUUSD is making new highs and approaching a strong resistance zone from which a small correction may follow before a further rise. NFP is ahead, which may set a short-term backdrop The dollar is in a sideways range ahead of the news, which generally indicates a neutral mood among traders. Strong news can either renew the dollar's decline, which will be favorable for gold, or have the opposite reaction, so it is necessary to look at the actual data. Technically, the gold is approaching the ATH and there is a high probability that the price will not only test the high, but also update it. In general, the fundamental and technical background is positive this week and I think that in the short and medium term we should wait for the continuation of growth. Resistance levels: 2368, 2475, 2483 Support levels: 2451, 2440, 2430 Gold reduces volatility before the news as speculators go into wait-and-see mode. High volatility is expected, on this background the price may test the support before further growth. But if the resistance of 2483-2475 is broken at once, the price may go to 2500-2550. Rate, share your opinion and questions, let's discuss what's going on with ★GOLD ; Regards R. Linda!
FX:XAUUSDLong
by RLinda
20