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XAUUSD Outlook (26 October 2022)Gold bounces from the 1620 support level as its price forms a double bottom. Similar to what happened on 28th September, the price bounced from the 1620 support to test the 1660 resistance level, and retraced briefly before breaking higher again. Looking at the current price movement, Gold could climb to test the 1660 resistance level again. And if the price breaks the resistance level, the price could climb higher toward the next resistance of 1690, which is at the 61.80% Fibonacci retracement level.
OANDA:XAUUSDLong
by JinDao_Tai
2
Elliott Wave View: Gold Could Shine A Bit In The Next DaysShort term Elliott Wave view on Gold (XAUUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding in 3 waves to complete a double correction. Down from 10.04.2022 high, wave (i) ended at 1700.00 and rally in wave (ii) ended at 1725.78. Then XAUUSD resumes the drop as wave (iii). Internal subdivision has 5 waves in lesser degree. The 60 minutes chart below shows the internal subdivision of wave (iii). Down from wave (ii), wave i ended at 1705.81 and correction in wave ii ended at 1715.00. Down from wave ii, wave iii finished at 1660.32 and wave iv bounce completed at 1683.78. Wave (iii) decline ended at 1639.24 and wave (iv) ended at 1668.45. Final leg lower wave (v) of ((a)) is in progress and it should end soon. We are expecting more low to complete wave (v) and wave ((a)). When the impulse has completed, we look for a with the bounce in 3, 7 or 11 swings higher as wave ((b)) that should fail to resume with the downtrend again. A break of 1668.45 should confirm that gold is already in wave ((b)).
FX_IDC:XAUUSD
by Elliottwave-Forecast
1
Elliott Wave View: Silver Needs More Downside Before a PullbackShort term Elliott Wave view on Silver (XAGUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding as a 5 waves impulse. Down from 10.04.2022 high, wave ((i)) ended at 19.92 and rally in wave ((ii)) ended at 20.87. Then silver resumes the drop as wave ((iii)). Internal subdivision has another 5 waves in lesser degree. The 60 minutes chart below shows the internal subdivision of wave ((iii)). Down from wave ((ii)), wave (i) ended at 20.34 and rally in wave (ii) ended at 20.82. Down from wave (ii), wave (iii) ended at 18.84 and wave (iv) ended at 19.30. Wave ((iii)) decline ended at 18.34 and wave ((iv)) ended at 19.07. Final leg lower wave ((v)) is in progress. We are expecting more downside to break 18.34 low to complete a wave ((v)) and wave 1. When the impulse lower has completed, we should see a bounce in 3, 7 or 11 swings higher. This correction should fail as far as pivot at 21.25 high stays intact.
FX_IDC:XAGUSD
by Elliottwave-Forecast
Are You Seeing What I'm Seeing?Hey trader, I hope you're having a profitable week ;) The price is currently running in the bearish H&S L2 as well as below the 50 and bearish crossed short-term MA's. Usually when the price is in a patterns L2, it drops (or rallies) for the L3 after closing with a reversal candle pattern or breaking and retesting the levels support/resistant. But for that to happen, the short-term MA's must be crossed in direction of the market maker patterns trend. So in this situation, both the pattern and MA's are supporting a bearish trend. But it may not occur. The price will reject the drop after it has bullish broke and retested the 3rd Monthly Key and 8 MA or the first trades stop loss key level. With that said, enter these trades at your own risk! That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section, I'd love to know your thoughts! Stay Blessed Baby, Sphatrades.
TVC:USOILShort
by Doji-2k1
Silver & Gold. Long? Short?Remain neutral/bearish on gold & silver until the US10Y, DXY, & Fed Funds Rates tops. This is the first time since the de-pegging of USD/Gold (in 1975) that interest rates & the USD have been rising. This creates an extremely tough environment for gold & silver to significantly rally being under pressure from high dollar & rising interest rates. Despite strong headwinds, there are many tailwinds as well that will lead many commodities prices higher such as, the clean transition, & the dollar (usd) devaluing. Chart: FED FUNDS Rate = Blue Line
TVC:SILVER
by brandonmattis
DBA - Invesco Agriculture Fund Commodities are currently repricing lower due to the looming global slowdown. Meaning, there is more potential downside for commodities However, There are more significant tailwinds that will push commodity prices higher in the longer term. DBA ETF broke out of yearly downtrend in 2020 indicating that higher food prices are in the global outlook for the upcoming years. A pullback is probably overdue but after prices stabilize, we can see the DBA ETF push significantly higher. The first stop is fair value (red line).
AMEX:DBALong
by brandonmattis
Extra Cash For Christmas HolidayHey trader, I hope you having a profitable week. If not, try this: But first, let me explain how these trades will be triggered. If the price bearish bounces off the 4H Half a Bat Neckline, 50 and short-term MA’s with a bullish reversal candle close (1st trade signal), then proceeds to bullish break and retest the (Possible) 4H H&S Neckline (2nd trade signal); according to the 4 Hour: the price would be or have formed a head and shoulde pattern and in prep to rally for its 3-level trend; and according to the daily: the price would be bouncing off the 50 and 8 MA’s - in prep to rally for the double bottoms L1, so once that hapens, then I should BUY → E.1 - E.2 That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section (below), I'd love to know your thoughts! Stay Blessed Baby, Sphatrades.
TVC:USOIL
by Doji-2k1
Natural Gas: The supply-demand dynamic is at a critical stageDeutsche Bank reported that in a particularly critical phase is the supply-demand dynamics regarding natural gas towards the winter season, which the behavior of households will be decisive in the coming months, as their consumption represents a large percentage of total consumption. A supply failure is likely to be avoided at least as the scenarios confirm that a 20% YoY reduction in consumption this winter (and flat annual demand thereafter) is likely to lead to some shortages either early in 2023 or the winter of 2023/24. The reduction in Germany remains at 40%, while if demand falls by only 10% YoY stocks will not be exhausted even in such a scenario. For certain, fill levels would fall below 10% in late winter 2022/23, but this would not put energy security in doubt until 2024. The European Commission is working on proposals to limit prices. While negotiating with reliable suppliers, for instance, Norway, and strengthening common markets seem to be the Commission’s preferred options, the idea of ​​a (temporary) price cap on imported natural gas is gaining ground. The greater the potential for the implementation of a cap the lower the success of the implementation of the first two measures. Such an implementation could lead to increase supply risks, depending on the design of such an import price cap which would accompany the mandatory demand reduction. From an Elliot wave perspective, we will examine the Natural Gas chart to see its potential move in the short to mid-term. Looking at the weekly chart, natural gas made an impulsive five-wave rally from the lows, which suggests that low is in place and we can expect a bigger recovery. However, in Elliott waves, after every five-wave rise we can expect a slow down in three waves, so we are tracking now an (A)-(B)-(C) correction before the uptrend resumes. First support is around 5.3 level, while second support would be around 3.5 level. All the best! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NYMEX:NG1!
by ew-forecast
1
GOLD (XAU/USD): history is repeating itself. Again? Possibly.Taking a look at the 4H timeframe chart, we can witness the beauty of price action. Accumulation+Distribution phases, a massive descending channel and many other details. Mr. Wyckoff was not the only person enjoying this incredible art. Any individual that is a fan of naked trading and of monitoring the price decline/grow gradually, will spot accumulation+distribution phases with ease. Now, as it can be observed from the graph, not only the two previous "consolidation+dump" scenarios played out perfectly, but they also lead to the development of a third phase. At the moment, we can notice that after the recent dump, the price has pulled back to the area of the previous sideways-moving consolidation box. Here, we are expecting for the price to form a new box and range within the borders of it before making another impulsive move. Considering the current strength of the USD and the recent price development, we strongly believe that the bearish moves will continue for the near future.
OANDA:XAUUSDShort
by Investroy
19