CRUDEOIL READY FOR ALL TIME HIGH...MCX:CRUDEOIL1! trade at 6770 level. Crude oil trade in a triangle range since last 3 years. This week gives a strong breakout above 6400 level. Now you can watch for all time High level.
Commodity
GOLD Ready for ALL TIME HIGH BREAKOUT...MCX:GOLD1! trade at 79000 level. You can watch for more upside move after 80000 level breakout.
Crude oil Is Approaching ResistanceCrude oil is coming higher on 4h time frame, out of a wave B bullish triangle that we have been tracking through December. Well, we know that moves out of a triangle are final in a sequence, so we can expect limited upside, and ideally, this will cause the completion of wave E rally of a larger bearish triangle pattern. It's now approaching an important resistance at 74-75, its gap from mid-October, right at the upper side of a triangle. There is a chance for a turn soon.
A triangle appears to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. The triangle pattern contains five overlapping waves that subdivide 3-3-3-3-3 and are labeled A-B-C-D-E. It’s a region of horizontal price movement, a consolidation of a prior move, and it is composed of “threes.” That means each of the A-B-C-D-E waves have three subwaves. The triangle pattern is generally categorized as a continuation pattern, meaning that after the pattern completes, it’s assumed that the price will continue in the trend direction it was moving before the pattern appeared. However, triangles also indicate that the final leg is coming before a reversal and that’s why triangles are labeled in wave B, wave X or wave 4.
Crude Opportunity Part 2In this second part, the Crude Futures Daily chart is used.
In this chart, there are marked points where the SuperTrend Buy signal is triggered and is coincided by a green Rate of VolDiv (RoVD, bottom panel). There is one on 8 October but there was no comcomitant indication and clearly it "failed". The others that fulfilled the condition are marked with a yellow time line.
So clearly, the recent breakout is projected to have something similar in terms of a bullish rally.
This is in line with the weekly outlook.
Together with technical indicators like the RoVD, as well as the MACD where there is a clear breakout support, Crude appears to have much upside potential. However, there is no rush as it just met the trendline resistance and is expected to pull back a bit to retest and breakout again for the longer term.
Overall, this looks not like a spike out of fear, but one spurred by inflation. This is in the MUST WATCH list for sure and an accumulation plan should be in place.
A projected path is drawn as a guide and the target for Crude is 100-105.
Gold Likely in correction/consolidation phaseThis could be a bit early, but Gold very likely wants back into the $2450 support area and possibly a test lower.
Crude Opportunity Part 1Previously, heads up about BTCUSD and it was pretty spot-on.
Oddly enough, CRUDE OIL CL1! is next.
For the first part, here we look at the marked time lines, and the effect after these time lines. 5 of the last 6 times, saw a bullish rally. Of these, 4 of the 5 occasions had the Rate of VolDiv (custom indicator) trend changed for an uptick.
In essence, the current weekly Crude Oil Futures CL1! show a similar set up ready for a spike and rally for Crude Oil. No fundamental reason (yet) but the technicals are projecting a billish scenario based on the technical set up.
Part 2 will look more in-depth and zoom into the recent time frame...
Stay tuned if you are keen...
Palladium: A Rare Trading Opportunity Palladium is currently trading at levels last seen in 2014 and 2018, hitting an extremely low support level. From here, I anticipate a bounce back to at least the previous high of $1,200 per unit.
📌 Next Target:
My projection is a rise to $1,500, which marks a strong resistance level.
Palladium is a highly demanded commodity, and at these low prices, it presents traders with an extraordinary opportunity to capitalize on its rebound potential.
Gold - TRIO RETEST!Dear TradingView community and fellow traders,
I find the daily chart for Gold to be interesting as it appears to be forming one of my favorite patterns. What I call TRIO RETEST
Here is why the blue circle is a strong zone to keep an eye on:
1️⃣ => Overall Trend
Gold has been bullish long-term trading inside the rising broadening wedge in blue and now approaching the lower blue bound / trendline acting as a non-horizontal support.
2️⃣ => Round Number
The $2,500 marked in green is a strong round number.
3️⃣ => Oversold Zone
Gold is bearish short-term trading inside the falling channel in red and now approaching the lower red trendline which I consider an oversold zone.
As per my trading style:
As Gold approaches the blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break, and so on...)
📚 Hope you find this post useful. It's important to always adhere to your trading plan, including entry points, risk management strategies, and trade management techniques.
All Strategies Are Good; If Managed Properly!
~Richard
Disclaimer: The information provided is for educational and informational purposes only and should not be considered as financial advice. It is important to do your own research and make informed decisions before entering any trades. Past performance is not indicative of future results. Always be aware of the potential for losses, and never risk more than you can afford to lose.
Silver May Face More Weakness After A Corrective RallySilver is making sharp reversal down from recent highs, even breaking a lower trendline support of an ending diagonal which is an important indication for a top in place. As such, we are aware of much lower prices, maybe even back to the start of a diagonal at around 27/28 as drop from 4h time frame has an impulsive bearish structure into wave A/1.
But we see some bounce now that can be an A-B-C irregular/expanded flat correction into wave B/2, where subwave (C) can be now in progress. Resistance is then around 31.60-33 area, and from where we will have to be aware of further weakness within wave C or 3.
XAUUSD - 4hr Bum n Run updateLong story short... The market is currently playing inside the zone 2625-2655. (30pip range)
Gold should maintain above 2615. a Close below this level counld invalidate the Bump and run pattern and continue with more bearish pressure.
Its NFP week and you know the USD has been gaining strength. Wait for the breakout above 2655 before entering another Buy. We need strong bullish candles with high volume to make this setup a low-risk trade.
The targets are still the same:
Targets:
1 - 2685 (quarter 3 high)
2 - 2710 (target 1)
3 - 2750 (target 2)
4 - ATH
Short Term Trade Idea Natural Gas Buy at ₹ 275/- Target ₹ 295/-. Buyer's are buying and it will move to ₹ 287/- in short term. Don't panic if some reverse happens to ₹ 257/-. If you will wait, again price will rebound like it happened in last week.
Coffee Is Getting ExpensiveCoffee is in a massive rally on tight Brazil crop fears and if we take a look at the weekly chart, we can see it trading impulsively higher with space for more gains until it fully completes a five-wave bullish cycle by Elliott wave theory, just watch out on short-term 4th wave pullbacks.
Basic Impulsive Bullish Pattern shows that Coffee can be trading in subwave "iii" of 3 of (3) of a five-wave bullish impulse of different degrees, so more gains can be seen after short-term 4th wave pullback.
GOLD: Pullback in short term?Hi Traders!
From a technical point of view, Gold is approaching an interesting resistance area on intraday chart, if Gold wants to trigger a pullback with ABC Pattern for example, it should start doing so from this area, let's see how the last weekly session will continue. That said, the trend is bullish on the 1H chart, but if weakness appears, it might be interesting to follow the swing.
Thanks for watching!
Silver - Long-Term Long!Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 XAGUSD has been overall bullish, trading within the rising channel.
Currently, XAGUSD is undergoing a correction phase and it is currently approaching the lower bound of the channel.
Moreover, it is retesting a strong support and round number $30.
🏹 Thus, the highlighted gray circle is a strong area to look for trend-following buy setups as it is the intersection of the $30 round number and lower gray trendline acting as a non-horizontal support.
📚 As per my trading style:
As #SILVER approaches the gray circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Follow the Gold...Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 Gold has been overall bullish, trading within the rising channel in orange.
Currently, Gold is in a correction phase, so the lower bound of the channel would act as support.
Moreover, the blue zone is a strong demand.
🏹 Thus, the highlighted blue circle is a strong area to look for buy setups as it is the intersection of the blue demand and lower orange trendline.
📚 As per my trading style:
As #XAUUSD approaches the blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Gold overall bearish but expected one more leg upGold has been trending upward and is now expected to retrace to form a higher low.
Short-term strategy: Focus on selling as the price pulls back.
Long-term strategy: Plan to buy at the higher low once established.
Sell highs and buy lows.
Alternatively, wait for a breakout to confirm the next move.
Manage risk by selling at, Keep the strategy simple and focused on these key levels.
XAUUSD - Gold 3Month (quarterly)Overview:
Gold and silver have performed remarkablely in 2024, emerging as the two best-performing assets of the year. Precious metals often serve as safe-haven assets during times of economic uncertainty, and this year has proven no exception. Investors have flocked to them as hedges against inflation and market volatility, helping to drive their values upward.
By the end of October, silver had surged by 42.4 percent, a dramatic increase that reflects growing demand and limited supply. Gold, similarly, has gained 33.7 percent, solidifying its role as a reliable store of value. These gains in the precious metals market outpaced other commodities and most traditional financial assets.
For comparison, the NASDAQ—the best-performing stock index—has gained 24 percent over the same period. This robust performance in the NASDAQ reflects strength in technology stocks, yet it still falls short of the exceptional growth observed in gold and silver. Such trends highlight the unique appeal of precious metals, especially during periods of market turbulence and geopolitical tension.
Watch the RSI as another blue candle will indicate a Q4 bullish momentum that may continue into the New Year. As for a Red Q4 Candle... This may push the RSI below the 80, creating a bearish Divergence in the LONG term. This Pullback may even look like a trend reversal. Keep in mind a healthy market needs to retrace.
Key Levels:
2450
2315
2235
(Support)
GOLD - History Repeating Itself... Again!Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📔I find the Gold 4H chart interesting.
Do you see a pattern here?
Look at the first three purple projections.
Gold broke below a low (marked in red), which signaled the start of a correction.
The correction was short-lived as the bulls took control again by breaking back above the red zone, triggering the next impulse phase.
Currently, Gold seems to be pausing, which might indicate the start of another correction phase.
🔄If history repeats itself, to signal a new impulse movement, we first need a break below the current low around $2,710, followed by a break back above it.
This projection could lead to the upper bound of the blue channel, around $2,850.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
GOLD: Trend is still bullish on intraday chartHi Traders!
Gold futures are up 0.6% at $2,793.50 a troy ounce after hitting a fresh record of $2,801.70 an ounce earlier in the session. The new high reflects safe-haven demand, boosted by uncertainty around the U.S. election, says Vivek Dhar, analyst at Commonwealth Bank of Australia. The growing likelihood of a Trump presidency has likely played a role too. Former President Trump's plans raise the risk of policy disruption, geopolitical tensions and a higher U.S. debt profile, Dhar says in a research report. These have further boosted gold's appeal as a safe-haven asset. CBA expects gold to average $2,800 an ounce throughout the fourth quarter of 2024. It expects gold to rise to average $3,000 an ounce by the fourth quarter of 2025.
From a technical point of view, during yesterday's session Gold reached our TARGET 1 (see chart/analysis below), at the same time, the trend seems to remain bullish, and after a corrective structure on intraday chart, Gold could reach the 2,800 area also on the spot market.
🔴 ANALYSIS TARGET 1
(click and play on chart below)
Thanks for watching.
GOLD: Trend is still bullishHi Traders!
Gold futures rise 0.3% to $2,763.30 a troy ounce. The precious metal is close to its all-time high of $2,772.60/oz, set on Wednesday. Gold is maintaining its strength despite rising U.S. Treasury yields and slightly easing geopolitical tensions, says Pepperstone research strategist Dilin Wu. The driving force appears to be bets on a potential Trump victory in the U.S. presidential election, Wu says in a note. This is coupled with growing concerns over the escalating U.S. debt crisis. While both candidates advocate for expansionary fiscal policies, a sweep for Trump could see U.S. debt skyrocket by $7.5 trillion over the next decade, Wu says. This is more than double the $3.5 trillion expected under a Harris administration. Given the "Trump trade," the path of least resistance for gold seems to be upward, she adds.
From a technical point of view, the trend is still bullish and on the intraday chart we have something like a bullish harmonic structure with a potential Target around 2773. The Trendline bearish breakout is negative, because it could trigger the Harmonic Pattern failure. Please support this idea for future updates below.
Thanks for watching.
GOLDgold analysis
Time frame 4 hours
Support and resistance areas are clearly visible on the chart.
If we see the confirmation within 15 minutes, we can look for a selling position
Palladium is the new Gold... Thank me later!Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📌What is Palladium used for?
Palladium is used in catalytic converters for automobiles, in fuel cells to generate power, in jewelry, dental fillings, and electronic components. Catalytic converters convert the toxic gases from automobiles into less harmful substances.
📌How Rare is Palladium?
Palladium is one of the rarest metals on earth and even more scarce than platinum – 15 times more rare to be precise. If all the platinum in the world fits in your house, then every ounce of palladium can easily squeeze inside your living room.
📌Technical Analysis:
This week, Palladium rejected the $1000 round number and support zone and broke the Daily structure marked in red.
As long as the bulls hold, I expect a bullish continuation towards the $1700.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
GOLD - History Repeating Itself...Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📔I find the Gold 4H chart interesting.
Do you see a pattern here?
Look at the first two purple projections.
Gold broke below a low (marked in red), which signaled the start of a correction.
The correction was short-lived as the bulls took control again by breaking back above the red zone, triggering the next impulse phase.
Currently, Gold seems to be pausing, which might indicate the start of another correction phase.
🔄If history repeats itself, to signal a new impulse movement, we first need a break below the current low around $2,625, followed by a break back above it.
This projection could lead to the upper bound of the blue channel, around $2,800.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
