Get started

Commodity

Gold’s weekly outlook: July 06-10Another 52 week closing high (weekly) for gold as pandemic continues to roil the globe with infections surging to record highs in various countries. The onslaught caused by the coronavirus still fails to truly show in the economy as the recent data suggests a miraculous turnaround from the lows that too at a never seen before pace whose gap from reality is just increasing where furloughs / jobcuts, closures and bankruptcies have become a fairly common sight. This mirage or denial mode points toward another forthcoming riskier asset class correction when the quarter numbers start trickling in or the worst might have been actually over but all depends over the thin line of statistics. All in all the pessimistic clouds have been shrouded by the free money euphoria which to a large extent could be just an election gig and reality should bite hard once the event is over. $1800 looks closer than ever as both fundamentals and technicals strongly favors higher prices. To watch next week – Inflation and other important economic data. On the chart – Gold continued its rally as it created another 52 week high on back of gloomier economic outlook and a falling dollar. The closing high suggests that there is still more scope on the upside with other global factors already buoying the price in full force. Chances are there that gold might find its true resistance near $1800 area as seen historically but its all the more bullish if it does and aims for inverse head and shoulders pattern which if charted through will catapult gold prices into another range. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1789. If this is crossed it can move towards $1804. And if this is taken out it can rally to $1823. 2. Short trades still remain colorless as trend remains overly bullish except scalp trades. Bullish view – Bulls registered another high both 52 week and closing as the rush for safe haven continues amidst chaos and uncertainty caused by the pandemic. Fundamentals should remain in favor of bulls for a good amount of time till the virus weakens and things start getting back to normalcy but technically gold nears a crucial resistance zone which if taken out will propel it at an even higher pace. For bulls to keep on the unopposed run they need to take out the critical levels and hold the supports. Bearish bets still remain out of context. On larger terms, Gold continues to remain bullish and prices are expected to head higher. Possible trades are on both sides but mainly on upside, gold can be bought above $1780 for the targets of $1789 and $1804 with a stop loss placed below $1771. Longer term target $1823. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
11
Gold’s weekly outlook: June 29 – July 03Gold extended its bull run hitting a fresh 52 week high broadly on account of deepening global crisis due to the persistent wrath of the pandemic. The economic outlook gets grimmer day by day as number of infections are surging pretty fast forcing the countries to put a screeching halt to their phased re-openings (of economies). Moreover, the race for vaccine is not look as promising either which is ultimately proving that viruses yet cannot have any sort of vaccines or a singular approach of treatment. While most of the riskier asset classes are in a denial mode, reality for sure has started biting from different angles as their demand is getting sluggish compared to safe havens. Current situation looks ripe for a burst over $1800 as the technical headwind is simply too strong on the upside. To watch next week – Powell and Mnuchin testimonies, Fed meeting minutes and other important economic data. On the chart – Gold registered a new 52 week high whilst having a close at another. This fresh upmove suggests the consolidation has been successfully broken on the upside triggering another leg of sustained run which would this time conquer the much awaited “$1800”. Fundamentals remain strongly supportive for higher prices while technicals point towards an uninterrupted run on the upside. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1771. If this is crossed it can move towards $1789. And if this is taken out it can rally to $1804 and 1823. 2. Short trades seems to have filtered out again excepting scalp trades unless the trend changes. Bullish view – Bulls advanced further making a new high as well as closing at another rather closing above its previous 52 week high making a strong case for prolonged uptrend. The ongoing concerns remain ignited firming gold’s already high demand. Fundamentals continue remain in favor of gold while technicals got even stronger after the breakout from the consolidation making $1800 look closer than ever. Bears look defeated again after they failed to stop the breakout. On larger terms, Gold remains bullish and prices are expected to head higher. Possible trades are on both sides but mainly on upside, gold can be bought above $1771 for the targets of $1789 and $1804 with a stop loss placed below $1761. Longer term target $1823. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
6
USOIL 🎯 The Insider's Guide to OilBias: 🔞Just a brief overview of Oil with two potential outcomes, the bullish being much more optimistic so be cautious bulls. note* This is a new "quick and dirty" formating style that contains only the bare minimum context needed to give us the ability to push out some quick outlooks that don't require as much in-depth research and evaluation such as what you see on a regular basis from us. Let us know what you think in the comments about this approach if you have any feedback :) Hit that 👍 button to show support for the content! Help the community grow by giving us a follow 🐣 ----- Support: S1: This is a not as obvious as S2 but still quite clear when highlighted as to be a price pivot point. It currently contains an S/R flip that has yet to be invalidated. S2: Very recognizable price pivot point and likely to come into play if we do retest the bottom range of Oils current up-trending price action. Though I would caution anyone trying to catch a falling knife here and much rather say this is a level of interest to keep your eye on for how price reacts here. Resistance: R1: Bearish S/R flip that is likely to see a reaction from the price on the way back up to retreat the point of break down. R2: Dead cat bounce swing high, this will be a noticeable level of interest for any bears looking to short this resting orderblock. R3: Orderblocks resting at the prior swing high range, a pretty clear range of interest for the bears. ----- ✨ Drop a comment asking for an update, we do NEW setups every day! ✨
TVC:USOIL
by AlphaBotSystem
Gold’s weekly outlook: June 22-26Gold moved higher finally making a new closing high in weekly timeframe amidst the ongoing chaos worldwide. Situations globally are refusing to die down rather fresh concerns keep popping up adding to the already long list of woes. Fresh surge in new cases along with few countries facing 2nd wave of infections have again stoked growth fears as the worst affected are reconsidering lockdowns again. Economic data continues to signal unabated pain in the system while a lower dollar suggests faith in a quick turnaround is waning pretty fast. Without any vaccine in sight, fundamentals look really scary throwing light on “the end of the world” prophecies. Technically gold is in a sweet spot after closing at new highs. To watch next week – Important economic data. On the chart – Gold continued its uptrend managing a new closing high as well as bouncing back from lows/supports suggesting the overall trend. Fundamentals continue to provide increased support to the prices as none of the tensions/issues looks to be resolved anytime soon while technicals strongly present a fresh move on the upside post last week’s closing. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1755. If this is crossed it can move towards $1771. And if this is taken out it can rally to $1789. 2. Short trades remain a failing bet as gold dwells strongly in bullish grip except scalp trades. Bullish view – Bulls finally made a new closing high (weekly) as they continued to advance on a lower dollar and worsening economic outlook. The rebound from the lows indicate “buy on dips” probably remains the best trade out there until a major support gets breached. Fundamentals are firmly in favor of higher prices, while technicals look even more bullish after a new closing high, all in all $1800 plus looks a near reality. Bearish bets remain wrecked as new closing high makes it super bullish. Possible trades are on both sides but mainly on upside, gold can be bought above $1745 for the targets of $1755 and $1771 with a stop loss placed below $1733. Longer term target $1789. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
2
Gold’s weekly outlook: June 15-19Gold reversed all the last week’s loss as it formed a large green candle closing rather too comfortably over $1700 on account of fears regarding 2nd wave of infections and a very slow path of economic recovery. This was bound to happen as the gap between reality and euphoria was outstretched forcing some sanity back into the financial markets as the riskier asset classes took a hit while the risk free gained back lost ground. It does seem the fear of 2nd wave of infections are getting real as China is seeing a rise in fresh cases prompting it for a partial lockdown again which should definitely show up in the economy. Its not only China as Japan and the U.S are also seeing fresh surge in cases. Situations around the globe are just getting worse with the pandemic at full force and continuing geopolitical tensions pointing towards a long fight ahead for economic survival. To watch next week – Powell’s testimony and other important economic data. On the chart – Gold zoomed back above $1700 after a week’s blip as fears of a 2nd wave of infections took the center stage. The green bar created totally negated the big red candle adding to the bullish bias. Fundamentals turned in favor of bulls again while technically the bounce from the support area suggests a likely bottom. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1740. If this is crossed it can move towards $1755. And if this is taken out it can rally to $1771. 2. Short trades look bleak again as the metal closed above the support except scalp trades. Bullish view – Bulls came roaring back as they reconquered $1700 convincingly as well as negated the full red bar created last week cautioning over shorting the yellow metal at dire times like the current situation. The bounce back from the support was fueled by growing fears over an imminent 2nd wave of infections which can rout the economic recovery forcing the world into a lockdown again. Passing of days are just aggravating the economic fallout as vaccines under development have no certainty while the pandemic continues to grow which is expected to affect 60-80% of the population worldwide before it ends. As mentioned earlier these provide a great recipe for gold to keep hitting highs in days ahead as it remains the only asset class with no negative impact from the virus. Bearishness remains negligible as the bullishness prevails. On larger terms, Gold remains bullish and prices are expected to head higher. Possible trades are on both sides but mainly on upside, gold can be bought above $1740 for the targets of $1755 and $1771 with a stop loss placed below $1729. Longer term target $1789. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
EW Analysis: COCOA May Remain SidewaysCOCOA is sideways for the last 10 years and seems like it will stay like that. Hello traders! Today we will talk about Cocoa and its price action from Elliott Wave perspective. Well, looking at the longer-term weekly chart, we can see Cocoa moving sideways for the last 10 years in the 3700 – 1700 range, ideally within a bigger bearish triangle pattern in wave »B« before we may see even more weakness into a wave C towards 1000 level. But, it is not ready yet, because sub-wave (E) is still missing, so we will probably see a recovery at the end of the year or in 2021 before a bigger sell-off. As you can see, in the shorter-term daily chart, we are currently tracking a three-wave A-B-C decline within wave (D) that can send the price down to the lower triangle line and 2000 – 1800 area. The only question is, either is sub-wave B already finished or will we see a retest of 2500 – 2700 resistance area before a decline into wave C to complete a higher degree wave (D). All being said, be aware of more weakness for Cocoa this year, but downside can be limited, so at the end of 2020 or at the beginning of 2021 we may see another, bigger recovery for the final wave (E). Trade well!
ICEUS:CC1!
by ew-forecast
XAU/USD (Gold) In-Depth Technical Analysis with Short PositionIn this idea I will explain why I am bearish on gold and why you should be too. I will use technical analysis to describe what's happened recently and what we can expect for gold moving forward. Hi everyone, Trading-Guru here with another update on XAU/USD (Gold) . Since the markets didn't move much recently, I decided to take some time working on the bigger projects I still have in the pipeline. I am going to publish some really high quality trading guides completely for free and have started a redesign of my website. Follow me here on Tradingview or on the scanner pages on Telegram and keep an eye on my profile to learn where and how to access these! Recently, the resistance zone around ~$1745 has been playing an incredibly important role for gold. We have found 5 (!) confirmations of this zone, and it looks like it will take a while to find enough bulls to break through this level. Don't forget this is the last zone of resistance before we reach a one-year-high, an incredibly powerful resistance area. With all of this resistance present on the chart, I suggest a short set-up here on Gold. The resistance zone got confirmed again, and the price is still relatively high. This gives us a good risk return on a short position while having the confirmation already in the pocket. Now, for a logical position to leave this trade, I suggest this weaker support zone around $1700. First of all, there is the psychological emphasis on this level where if it breaks below, news articles will be written about how gold breaks below $1700. Second of all, since so much is happening in the world, I suggest trading shorter trades and don't plan too far ahead TA wise, as so many things can change from a fundamental point of view. Using the support of $1670 would allow for a much higher return on this trade, but I simply don't think we have the time to wait for this level as too much can happen in the meantime. I suggest you also take this safer trade with a smaller return, but a higher chance of monetizing this return. Follow me for consistent high quality updates, with clear explanations and charts. Please like this post to support me. - Trading Guru -------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
OANDA:XAUUSDLong
by Trading-Guru
12
SUGAR ($SUGARUSD) 🍬| Do we See a Sugar High or Cavities?🍦 The future of sugar futures looks sweet. Sugar futures have been trending well recently, with levels being constantly respected, so the chart is attractive from that perspective. It is especially attractive for the bulls given the current recovery on the back of the COVID correction. With that in mind, despite the bullish price action, this hot sugar chart looks like it could cool off here and crystalize for a bit. Below we map out a potential pathway for both the bulls and bears to find out if this sweet tooth leads to a sugar high or cavities. Support: If we break below the current range it isn't a great look for the current bull trend, but that doesn't mean the bulls are out of options. The S1 bullish S/R flip should act as a temporary support. If the bulls can then bust through the current consolidation range they are in good standing, however the more likely bearish breakdown path leads to S2, which really does away with the bullish structure. Resistance: If the bulls can push us above the R1 and the current range then we likely continue on the sugar high. On that path the R2 S/R flip is our first real point of resistance, a reaction here likely has us testing R1 as support. If that all goes well we likely get a bullish continuation to at least the R3 order block. Above R3 are the R4 orderblock and S/R flip cluster and finally R5 orderblock at the top. Summary: It currently looks like we are headed for a correction, but the bulls still have a real chance to sustain the trend here. The big danger for sugar bulls is letting a breakdown from the current range turn into a trip down to S2. Resources: www.spglobal.com Hit that 👍 button to show support for the content and help us grow 🐣
OANDA:SUGARUSD
by AlphaBotSystem