Heading into 38.2% Fibonacci resistance?WTI oil (XTI/USD) is rising towards the pivot and could reverse to the pullback support.
Pivot: 75.95
1st Support: 72.88
1st Resistance: 77.55
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Commoditysignals
XPTUSD Strong buy on this 1W MA50 rebound.Our April 24 analysis (see chart below) on Platinum (XPTUSD) saw us struck Gold as we caught the exact Bullish Megaphone bottom which hit our 1060 Target:
The situation isn't all that different now as Platinum got close to those April levels, with last week's Low marginally breaking below the 1W MA50 (blue trend-line), managing however to close the candle above it.
This has been followed with a strong green 1W candle this week, which we expect to be the technical rebound towards at least Resistance 1 if not a new Higher High. Our Target is slightly lower than this at 1095.00.
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COPPER signaling the start of rate cuts? Potential danger ahead.Copper (HG1!) completed two straight red months following May's High at the top of the 3-year Rising Wedge pattern. Last time the commodity formed this pattern was back from May 2006 to September 2008. In fact the recent May 2024 Higher High resembles that of May 2008, whose rejection broke the Rising Wedge downwards.
As you can see, during both patterns, the US10Y (orange trend-line) stopped rising and turned sideways on Lower Highs, while the U.S. Interest Rate had peaked and started falling.
What 2006 - 2008 suggests, is that possible rate cuts may be ahead of us, pragmatically the markets have already priced this to a large percentage in September. But at the same time, it highlights the danger of a market-wide collapse, as the first month after the September 2007 rate cut, the stock markets peaked and the U.S. Housing Crisis begun.
What could be different this time and avert a new financial crisis of such proportions is that the stock markets haven't shown any signs of correcting yet. As a result, potential rate cuts may have a mostly positive bullish continuation effect as post July 2019.
What do you think will happen next? Bullish continuation or new Bear Market?
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NATURAL GAS Expecting a dead-cat-bounce. Get ready to sell it.Natural Gas (NG1!) has been trading within a long-term Falling Wedge pattern since the April 2023 Low, with its latest Lower High coming right at the top of June 11 2024.
With a short-term bullish divergence on the 1D RSI, we expect to see a 'dead-cat-bounce' in August, which even though it might get as high as the 0.786 Fibonacci retracement level to price yet another Lower High, an acceptable level to get a sell entry again, would be the 1D MA50 (blue trend-line).
Our Target is 1.400, which would be the -0.5 Fibonacci extension (where the February 20 2024 Lower Low was priced), even though the Wedge's technical Lower Low extends as low as 1.200.
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Bearish reversal?The Silver (XAG/USD) is rising towards the pivot and could reverse to the 1st support.
Pivot: 28.67
1st Support: 28.03
1st Resistance: 29.42
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
WTI OIL on the 3.5 year Support!WTI Oil (USOIL) is attempting to form yet another bottom below the 1W MA200 (orange trend-line), which has been the ultimate long-term Support since February 2021. As you can see, since May 2023, Oil has been forming Higher Lows just below this level.
Despite the presence of the Lower Highs trend-line since September 25 2023, the pattern shows a break-out above Resistance 1, every time such a low is formed. Our long-term Target remains 90.50 (potential Higher High on an emerging Channel Up).
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XAUUSD Trading plan for August.Gold (XAUUSD) has been rebounding following a hit-and-hold on the 1D MA50 (blue trend-line) on Thursday, having closed 2 straight 1D candles above it. As long as this continues, we have a bullish development and a new Higher Low on the (dotted) Channel Up, which targets 2545 (+8.30% as the previous Bullish Leg).
If it closes below the 1D MA50 however, we expect a longer accumulation phase (blue arc) similar to June's around or even marginally below the 1D MA100 (green trend-line). In this case, we will open an additional buy and target 2500 (top of the blue Channel Up and target for both open buys).
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Could Silver rise from here?The price is reacting off the resistance level which is a pullback resistance and could potentially rise from this level to our take profit.
Entry: 28.02
Why we like it:
There is a pullback resistance level.
Stop loss: 27.43
Why we like it:
There is a pullback support level.
Take profit: 28.65
Why we like it:
A pullback resistance level aligns with the 61.8% Fibonacci retracement.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
XAGUSD Buy this dead-cat bounce.Silver (XAGUSD) remains within the 2-year Channel Up pattern we mentioned on our Aptil 17 analysis (see chart below) that hit our 32.000 Target:
The price is on a 3-week correction, which is technically natural within this pattern. The symmetry with the previous Bearish Leg of the Channel Up suggests that since the price has hit the 0.382 Fibonacci level from the top, it might rebound like the July 17 2023 High pricing on the 0.786 Fib (blue).
As a result, as long as the 1W MA50 (blue trend-line) stays intact, we now turn bullish for the medium-term, targeting 31.000 (just below the 0.786 Fib).
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Could price reverse from here?The Gold (XAU/USD) is rising towards the pivot and could reverse to the 1st support.
Pivot: 2,390.87
1st Support: 2,335.77
1st Resistance: 2,422.88
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Bearish reversal for the WTI oil?The price is rising towards the pivot which has been identified as a pullback resistance and could reverse from this level to the pullback support.
Pivot: 80.83
1st Support: 77.50
1st Resistance: 83.49
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
WTI OIL Correction is over. Buy strongly.WTI Oil (USOIL) followed our July 02 (see chart below) sell signal to perfection as it got rejected on the Lower Highs trend-line and Resistance 1 and broke today below the 0.618 Fib, hitting our 77.00 Target in the process:
For that projection we used the February 05 Low as a benchmark, which also hit the 0.618 Fib and rebounded on the 1W MA200 (red trend-line). That has been the multi-year Support level for WTI, so we currently won't get a better long-term buy signal than this.
As a result, we are now turning bullish again on Crude, targeting the -0.5 Fib extension (as on the April 05 High) at 90.50.
Note also that the 1D RSI is almost oversold at 30.00, a clear cyclical buy signal in the recent past (green circles).
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Heading into 38.25 Fibonacci resistance?USOUSD is rising towards the resistance level which is a pullback resistance that aligns with the 38.2% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 80.40
Why we like it:
There is a pullback resistance level which aligns with the 38.2% Fibonacci retracement.
Stop loss: 81.55
Why we like it:
There is a pullback resistance level which lines up with the 61.8% Fibonacci retracement.
Take profit: 77.70
Why we like it:
There is a pullback support level which slightly above the 61.8% Fibonacci retracement.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Could Gold rise from here?The price is currently reacting off the pivot which is an overlap support and could potentially rise to the 1st resistance.
Pivot: 2,392.79
1st Support: 2,371
1st Resistance: 2,419.04
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
XAUUSD No buy below the 4H MA50.Gold (XAUUSD) dipped on Friday below its 4H MA50 (blue trend-line) but that doesn't affect the long-term trend (see chart below), which is still bullish within the 18-month Channel Up pattern:
Even on the current 4H time-frame analysis, the price found support right at the bottom of the short-term Channel Up. However, short-term buys can only be confirmed when the price breaks above the 4H MA50 again.
Technically though this remains buy territory as the 4H RSI almost hit the oversold barrier (30.00) and rebounded, which is similar to the June 26 Higher Low (bottom). The Bullish Leg that followed peaked on the 2.5 Fibonacci extension level, which on the new potential Bullish Leg is perfectly aligned with our long-term Target as well. That remains 2600.
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Could Gold bounce from here?The price is falling towards the support level which is a pullback support that is slightly above the 50% Fibonacci retracement and could bounce from this level to our take profit.
Entry: 2,423.36
Why we like it:
There is a pullback support level which is slightly above the 50% Fibonacci retracement.
Stop loss: 2,391.64
Why we like it:
There is a pullback support level.
Take profit: 2,453.68
Why we like it:
There is a pullback resistance level that lines up with the 50% Fibonacci retracement.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
XAUUSD Resistance break-out and re-test confirm rally continuatiThis is a small Gold (XAUUSD) update on Monday's idea (see chart below) as we have a major Resistance break-out:
As you can see, the price action is so far following our trading plan and following the Resistance break-out, we see it potentially moving a little higher and then pulling back to re-test the Resistance as a Support.
That happened on the previous Bullish Leg break-out (March 06) and then after a successful Resistance re-test, Gold resumed the uptrend and rose by +22.40%, hitting the 2.0 Fibonacci extension.
As a result, we will move our Target marginally higher at 2630, even though the 2.0 Fib extension is at 2690. The reason is the May 04 2023 High, which as priced on a +15.26% rise, the 'weakest' Bullish Leg since the September 2022 market bottom.
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Heading into 38.2% Fibonacci resistance?XAG/USD is rising towards the resistance level which is an overlap resistance that aligns with the 38.2% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 30.58
Why we like it:
There is an overlap resistance level which lines up9 with the 38.2% Fibonacci retracement.
Stop loss: 31.48
Why we like it:
There is a pullback resistance level.
Take profit: 29.78
Why we like it:
There is a pullback support level which aligns with the 61.8% Fibonacci retracement.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Gold (XAUUSD) _ Triangle Pattern Target Reached In XAUUSD, Triangle Pattern formed and Breakout and also Now Reached the Triangle Pattern Target. I Published my Analysis in TradingView on June 27, Triangle Pattern Breakout on July 3rd, and July 15 Reached the Triangle Pattern Target.
Refer to this image below,
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Analysis Published on June 27 :
1st Target :
Falling towards pullback support, could price bounce from here?WTI oil is falling towards the support level which is a pullback support that aligns with the 78.6% Fibonacci projection and could potentially bounce from this level to our take profit.
Entry: 80.858
Why we like it:
There is a pullback support level which lines up9 with the 78.6% Fibonacci projection.
Stop loss: 79.374
Why we like it:
There is a pullback support level.
Take profit: 82.947
Why we like it:
There is an overlap resistance level which aligns with the 61.8% Fibonacci retracement.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
XAUUSD Coming out of its consolidation and turning bullish.Gold (XAUUSD) is on a sustainable short-term rise above the 1D MA50 (blue trend-line) and is coming out of a consolidation pattern (blue) similar to December 2023 - February 2024. Both were supported by the 1D MA100 (green trend-line) and both are within the long-term 18-month Channel Up.
This could technically be the start of the 3rd Bullish Leg of this pattern. Our Target is a 'modest' 2600, which may be almost +15% from the bottom, but would still be the weakest Leg of the three.
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Could Silver bounce from here?The price is falling towards the support level which is a pullback support that lines up with the 50% Fibonacci retracement and could bounce from this level to our take profit.
Entry: 31.12
Why we like it:
There is a pullback support that lines up with the 50% Fibonacci retracement.
Stop loss: 30.73
Why we like it:
There is a pullback support level.
Take profit: 31.74
Why we like it:
There is a pullback resistance.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Bearish drop?WTI/USD is rising towards the resistance level which is an overlap resistance that aligns with the 50% Fibonacci retracement and could potentially reverse from this level to our take profit.
Entry: 82.94
Why we like it:
There is an overlap resistance level which aligns with the 50% Fibonacci retracement.
Stop loss: 84.15
Why we like it:
There is a pullback resistance level.
Take profit: 81.21
Why we like it:
There is a pullback support level.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.