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GOLD → Consolidation ahead of Fed rate meetingFX:XAUUSD is recovering ahead of Fed rates and Powell's speech. The price is consolidating as traders are not ready for premature action. What could happen? Gold is holding near $2,770 in Asian trading in anticipation of Wednesday's Fed decision. Investors are cautious as the regulator may pause rate cuts and give hints on future policy. Markets expect two 25bp cuts this year, but Powell's rhetoric will determine the way forward. Factors supporting gold: dollar correction, risk stabilization and holiday season in Asia. However, Trump's trade policy may increase inflation, forcing the Fed to keep high rates longer, which is negative for gold. But! Further movement depends solely on Powell's rhetoric. Resistance levels: 2765, 2771 Support levels: 2759, 2745 Technically, after breaking the bullish structure and updating the lows, the price is recovering in search of resistance and liquidity to continue the probable decline. But it depends on economic data. Possible false break of 2771 resistance before further decline. Regards R. Linda!
FX:XAUUSDShort
by RLinda
22
XRP → Resistance retest before correction BINANCE:XRPUSDT over yesterday evening bought back the previously formed fall, but faced strong resistance, which delimits the descending channel. A correction could possibly form... After a strong rise (on D1) XRP is going into a correction, the remarkable thing is that the correction is within a descending channel, or flag, the essence of which is the continuation of the trend. Let me remind you that the global trend is bullish. Technically, on the local , a false resistance breakout and correction may be formed, for example, to 3K or 0.5 fibo before the market starts to form the potential for a breakout of the channel resistance in order to continue the growth. Support levels: 3000, 0.5 fibo (2.900) Resistance levels: 3.144, 3.2 The liquidity formed in the zone 3.14 - 3.2 may not let the coin up the first time. In the short term, I expect a false breakout and correction to the targets indicated on the chart. Regards R. Linda!
Short
by RLinda
5
LONG TERM BULLISH - AB=CDAs illustrated, im visualizing what could be an AB=CD Pattern as a continuation structure. We saw a strong bullish weekly candle that shows momentum and strength to the upside, and this might be our clue. Keep in mind inflation data is likely to come in hot during JAN, which might lead the yellow metal to re-test its ATH within the next couple of weeks. Also, geopolitical conflicts are escalating, which leads to nations to protect their economies by hedging gold. Lastly, with China continuing its purchasing of Gold since mid NOV, the demand for gold continued growing. It is likely we see $3.000 within the next couple of months. -- GOOD LUCK!
OANDA:XAUUSDLong
by PersaGold
GBPUSD🗝️ LEVELS TO WATCH 👀AND WHY🤔🐲Hello Awesome Traders! I trust you're having a fantastic trading week so far. Let's dive into an exciting opportunity presented by GBPUSD on its 1-hour chart. This setup is worth exploring as it offers potential for profitable trades. GBPUSD has formed a double bottom pattern around the 1.2529 level, with striking similarities between the first and second bottoms. Examining the CD leg, we observe two sets of equal downward swings, indicating symmetry in length. This setup is conducive to buying low and selling high, offering opportunities for traders. For pattern enthusiasts, there are two notable formations: a flat AB=CD pattern and a dragon pattern. These patterns provide additional confluence and increase the setup's reliability. I've drawn a trendline marked as 'E,' which the price should ideally break with a surge in volume to confirm market participation. Targets: For intraday traders, consider targeting the 62% Fibonacci retracement level of the AD leg at 1.25944. Another target to watch for, especially for those eyeing the dragon pattern, is the 78% Fibonacci retracement level of the AD leg at 1.26125, which aligns with the 127% extension of the CD leg. Trading Strategy: Swing traders can monitor the chart over the next few days for potential long opportunities. Keep an eye on price action and volume dynamics for confirmation before entering trades. Set appropriate stop-loss orders to manage risk effectively. For intraday trades, consider taking partial profits at key Fibonacci levels to lock in gains. Happy trading, and may the pips be with you!
Long
by TradeChartPatternsLikeThePros
CD Projket Red to 1500 dollarsIf there is one place i will be putting a chunk of my portfilo in studio right here. For anyone that doesn't know this studio created video games based on the witcher series and also developed cyberpunk 2077 that released in 2020 when the stock was at all time high at 458 dollars. To think this stock is 80% down is mad , CD projket red have began a partnership with epic games and the Witcher 4 is already in production on the new unreal 5 engine ,this one is a no brainer.
GPW:CDRLong
by Sporia
3
$CDR EWT Analysis - The dip has bottomed?$CDR making it hard for traders with its recent price action. The most obvious would be to call the 5-wave down from B an ending diagonal, but $CDR could potentially face more downside in the coming months since they have a Class-Action Lawsuit on their hands (and maybe other lawsuits on the way). The earnings report coming out in March might also be a flop because of the refunds and removal of CP2077 digital copies from online stores. Consider the following chart as an alternate EWT wave count before buying the dip.
GPW:CDR
by GoldDoubling
US Stock In Play: $CD (Chinadata Group Holdings Limited)$CD closed with a major breakout this morning, leading the way as the best performing mid cap stock on the Eve of the New Year, closing at $23.96 with an intraday gain of +18.03%. $CD traded back above its 20DMA on 4th November, after a short term decline of -17.51% upon its 30th September 2020 IPO high. Price action continues to hug the 20DMA over the course of following 38 market session, with consolidation observed below $20 round number resistance level since 4th December. The cumulative gain since 4th November totals at +72.50% in a brief 6 weeks period. At the current junction, its price volatility is at its all time high of $1.50/day with $CD likely to trade outside a 6.5% daily range in the upcoming week.
CLong
by jfsrevg