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Palladium Analysis: Is price starting a swing higher? Today's focus: Palladium Pattern – Descending triangle / Range Support – 1223 Resistance – 1320 • Palladium added 4.37% on Thursday • Palladium and Platinum ignored USD strength to finish firm on Thursday. Hi, and thanks for checking out today’s analysis. We’re looking at Palladium primarily in today’s video, but we have also mentioned Platnuim, as it also posted a solid session on Thursday. After yesterday’s rally, we have looked at a few things that have stood out in the buyer's favour, but we have also broken down the remaining hurdles and what we want to see from price to confirm the bullish signs. Do you trade Palladium? If so, please let us know what you think of the descending triangle pattern and if you agree with current volume supporting yesterday’s move. Have a great day and good trading.
EIGHTCAP:XPDUSDLong
by Eightcap
18
Soft (Metals) Landing: Silver Likely Has More Room to FallSilver has been trading inside of a falling wedge since April 2022, battered by an increasingly-hawkish fed. Despite a formidable collapse in the biggest inflation driver, oil, CPI and PPI reports are shaping up to be a continuation of the trend; worsening inflation. With any weakness in oil likely to be temporary given our macro environment, it's easy to speculate that inflation-related surprises will likely be to the upside, adding even more pressure to a committed fed. Because of this, I'm expecting the downtrend in metals to remain intact as we march towards future FOMC rate decisions. Inflation and unemployment currently stand to embolden the fed to raise on the high end of projections until there is a meaningful downtick in inflation, or a material disaster economically. The latter of which can be devastating for silver, given its industrial role. Lastly, specifically for silver, there are also gaps ahead of us that will likely want closed. Gaps are outlined on this chart going back to 2020 bottoms, and FOMC meeting dates are represented by vertical lines. My suspicions/beliefs/biases: Silver is setting up one of the best buying opportunities in recent memory, and market forces will continue to drive deep value deeper for some time. When the trend reverses, it will reverse for decades, and maybe longer. Renewable energy sector, capital preservation strategies, fiat collapse, and relative value against literally everything will eventually snap silver's 11 year losing streak. There will be another touch on the bottom trendline of the falling wedge, likely at or near the September FOMC meeting. Silver should not break out of the wedge to the downside, but if it does, moves to gap lines will be violent. We are almost certain to test gap line 1, and it is fairly likely that we will test gap line 2. Once gap lines take support away from the descending wedge bottom line, reversal has likely begun. Very unlikely that silver goes far beneath $14.70/oz. Closing gap 2 would almost certainly mark the end of a front-loaded rate hike cycle, and almost lend itself to capitulatory selling-off, marking what I see to be a likely bottom moving forward. Beneath gap 2, something terrible has probably happened, hug your loved ones and pray. TLDR; Short/medium term bearish while the wedge is intact, eternally bullish the moment a breakout to the upside or a fed pivot occurs.
TVC:SILVER
by ChadBangs
5
WTI CRUDE OIL: Overbought on 1D but still bullish.WTI Crude Oil turned overbought on the 1D time-frame (RSI = 70.618, MACD = 2.330, ADX = 75.260) as it is extending its relentless rally inside a Channel Up pattern since the June 28th low. This 1 month uptrend is approaching the R1 (83.50), which is the High of April 12th and current Resistance. We are using this as a short-term buy opportunity (TP1 = 83.50). As long as the Channel Up holds, we will buy again upon a pull back (TP2 = 85.50). If the price crosses under the 4H MA100 though, it would mean the end of the bullish trend, and we will shor, targeting S1 (TP = 74.00). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
9
Gold: Can buyers hit a new leg higher? Today's focus: Pattern – Continuation Possible targets – 1978.50 Support – 1952.70 Resistance – 1965.55 Hi traders, and welcome to today’s update. After buyers held support on Monday, gold looks to be edging at new continuation in its current stage 1. Signs continue to favour buyers after they broke out of the medium-term downtrend last week. We want to see price beat resistance and hold support or, at a minimum, the moving average to a new uptrend for the last leg higher to remain valid. US retail sales data is due out today and could have an impact on the USD and Gold. Have a great day and good trading.
EIGHTCAP:XAUUSDLong
by Eightcap
WTI CRUDE OIL: First time since April on the 1D MA100WTI Crude Oil reached the 1D MA100 for the first time since April 28th. The 1D technicals turned green (RSI = 59.140, MACD = 0.550, ADX = 29.727) and if the 1D candle closes over the 1D MA100, then an emerging Channel Up will lead it to the 1D MA200 and consequently we will target a HH (TP = 76.50). We will take the loss if the price crosses under the Channel Up and the 4H MA50, where we will go short and target the S1 (TP = 66.80) on the long term. Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOIL
by InvestingScope
2
GOLD: What the hammer formartions tell usFollowing a downtrend, where the price action created a series of the lower lows and lower highs, the bulls are increasing their presence in the game and are signaling that there might be a change in the price direction. Thus, a hammer signals a potential change in the price direction, as the bears were unable to follow up on the new short-term low by allowing the bulls to push the price higher to force a higher close. It is exactly the high close that signals that the bulls have just assumed control over the price action, as they defeated the bears in an important fight near the session lows. Similarly, the inverted hammer also generates the same message, but in a different manner. The price action opened low, but pushed higher to surprise the bears. Still, the bears still have control and they push back the price action to close near the lows. Unlike the hammer, the bulls in an inverted hammer were unable to secure a high close, but were defeated in the session’s closing stages. Still, the mere fact that the buyers were able to press the price higher shows that they are testing the bears’ resolve. The fact that the hammer’s bulls managed to get a close at the top of the candle is the reason the hammer is considered stronger than the inverted hammer. This is a logical sequence as the hammer is considered to be one of the most powerful candlestick patterns of any type. It is important to note that neither of these two patterns is a direct trading signal, but a tool which generates a sign that the price action may reverse as a balance shift is occurring. Having said that, we have this Pattern forming on GOLD, so wait for confirmation of the bullish breakout candle at today's close, and if this happens we will have confirmation of a potential short-term reversal. Our last two analyses: 🔴 HARMONIC STRUCTURE IN PLAY (short) 🔴 WAVES STRUTTURE IN PLAY (long) Like to support my work. Trade with care!
OANDA:XAUUSDLong
by TheAnonymousBanker
16
BluetonaFX - SILVER Potential Double Top OpportunityHi Traders! There is a potential double top pattern forming on the Silver 4H chart. This depends on the very important level on the chart, which is 23.091. Originally, we had a price rejection at 23.091, which we marked on the chart. The price rejection formed a price channel to the downside; there was then a break of this channel in an attempt to re-test 23.091, and we have found resistance again near this level. If 23.091 holds again, the chart pattern will become a double top pattern, which is bearish. If there is a momentum break and a close above 23.091, the potential double top will be broken, and then there are long-term levels to the upside. We have a calculated long-term Vector level of 24.205. There are opportunities for possible entries near 23.091, or another option is to wait either for a confirmation sign of a breakout or a reversal. There are great risk-reward opportunities for both options. Please remember to like, comment, and follow us, as your support greatly helps us. Thank you for your support. BluetonaFX 
TVC:SILVER
by BluetonaFX
2
COPPER: Best sell signal on a 1 month basis.Copper hit the top of the Channel Down pattern that started in mid January and got rejected straight away. The 1D time frame already turned neutral (RSI = 51.361, MACD = 0.023, ADX = 28.747) and if the price crosses under the 1D MA50 and MA200, it will give a confirmed sell continuation signal. First target is the S1 (TP1 = 3.5525) and second near the S2 (TP2 = 3.3750). A 1D RSI Double Bottom inside its S1 support, will be the first buy signal. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
COMEX:HG1!Short
by InvestingScope
2
Oil: Can support survive? Today's focus: Oil Pattern – Descending Triangle Possible targets – 64.06 73.22 Support – 67.05 Resistance – 72.22 74.15 Hi, and thanks for looking at today’s update. Our attention is on oil after yesterday’s sharp selling took price back to key support. This level has held firm for buyers, but could this be the fourth time lucky for sellers? So far, production cut updates have done little more than spur on sellers. Will we see buyers re-hold this level, or could we see a new break lower by sellers that gets the downtrend back on track? Thanks for stopping by. Good trading, and have a great day.
EIGHTCAP:USOUSD
by Eightcap
XAUUSD as we see gold price respond 139 if we get initiative we come into the support we get initiative of f that low that low we should see price responds as well ok once price responds to the upside that's the price response we looking for and that's ultimately the process of initiation that's began ,buying offers but sellers are responding . so the process of responsive and initiative as we approach resistance we see buyers that lifting offers , but sellers are providing more liquidity than the sellers combine that's why we see a positive delta at the high and a negative delta at the low . once price come 144 146 trade location shift in dynamic, after absorption price lift above 148 excess point to opportunity to go long without excess point there is no trade. market through 1970 after bounce of on handle .
OANDA:XAUUSD
by YODA-TRADER
US House passes debt ceiling billDespite earlier reservations from several Republican House members, the proposed bill to raise the debt ceiling has been passed with 314 supporting votes - an overwhelming majority. The Senate will be the next hurdle before the bill is signed off by President Biden. The JOLTs Job Openings increased by 10.1 million in April, which will boost estimates for Friday's Nonfarm Payroll figures. USD/CAD slipped 28 pips to 1.3575, and USD/JPY declined 46 pips to 139.34. GBP/USD added 27 pips to 1.2441, and EUR/USD fell 46 pips to 1.0689. Australian retail sales in May stagnated without growth or contraction. AUD/USD slid 11 pips to 0.6503. Spot gold gained $3.32 to $1,962.67 an ounce, and WTI oil futures fell $1.37 to $68.09 a barrel. Bitcoin and Ethereum both slowed to $27,096.0 and $1,872.20 respectively. The US stock market closed red, with the Nasdaq 100 dropping 100 points to 14,254. The S&P 500 closed 25 points lower at 4,179.83, and the Dow Jones Industrial Average plunged 134 points to 32,908.
by Mitrade_official
NVIDIA rose past the historical $400 levelChipmaker NVIDIA maintained a strong run, reaching an all-time high of $413.95, while supporting the Nasdaq 100 climbing 56 pips to 14,354. Meanwhile, the S&P 500 closed flat at 4,205, and the Dow Jones Industrial Average slipped 50 points to 33,042. AUD/USD slipped 5 pips to 0.6517. The Australian year-on-year inflation increased by 6.8%, higher than Mitrade's estimate of 6.4%. EUR/USD added 16 pips to 1.0735, and GBP/USD advanced 74 pips to 1.2414. USD/CAD slid 8 pips to 1.3603, and USD/JPY fell 80 pips to 139.80. Spot gold increased $15 to $1,959.35 an ounce, and WTI oil futures closed $3 lower at $69.46 a barrel. Bitcoin and Ethereum retreated to $27,712.0 and $1,895.38 respectively.
by Mitrade_official
The one and only commodity I am selling in May 2023!We’re looking at the weekly chart. We can see palladium’s price has fallen since 2021 from $3,000 down to today at $1,424. Then in 2022, palladium shot up to above $3,400, this has formed what’s known as a Descending Triangle. This is where the price makes lower highs and bounces on the same floor level. Now that the price has broken below the triangle, this tells me the sellers are winning and will continue to dominate the market. This will bring down the price further. I expect the palladium’s price to drop to the 200MA (black line) and then further down to $880. If this happens, this downside for the precious metal will ONLY be the beginning. Considering all these factors, we need to brace for palladium’s next crash and at least try and profit from the fall. FUNDAMENTALS: Why Palladium’s demand is dropping Experts from Norilsk Nickel, a major mining company, predict there could be only a small shortfall of 100,000 ounces. This is less than what they thought in February when they expected a shortfall of 300,000 ounces. This is mainly because the car industry is not recovering as quickly as they thought, so demand has not increased as expected. Chip supply and the war in Ukraine have further slowed the car industries recovery. And South African palladium producers have also contributed to this slowing as they have lowered their production goals and reduced their refining activities, largely due to loadshedding. And this isn’t good for palladium and its price. But as always I look to the charts for the overarching signal and this is what it’s telling me.
NYMEX:PA1!Short
by Timonrosso
The space race in the private sector intensiDespite the recent SpaceX rocket explosion, the space race is still in full swing with much private capital flowing into civilian space travel and satellites. Virgin Galactic has already claimed commercial space travel services will be ready in June. Astranis just launched its first satellite to provide internet access to remote regions. As the US and UK markets are closed on Monday, NVIDIA remained at a historical high of $389.46. Investors now turn to the cryptocurrency market, with Bitcoin declining to $27,786.0, and Ethereum slipping to $1,897.09. Later tonight, US Consumer Confidence is expected to drop from 101.3 to 99.0. For Wednesday, Mitrade estimates had the German inflation rate growing by 0.6% in May and a 0.2% month-on-month growth for Canada’s GDP.
by Mitrade_official
Preliminary agreement reached on US debt ceilingUS President Biden has announced Republican congressional leaders have agreed to raise the debt ceiling, though Congress has not passed it yet. Meanwhile, US quarter-on-quarter GDP rose by 1.3%, higher than Mitrade's estimate of 1.1%. USD/CAD closed higher at 1.3611, and USD/JPY climbed to 140.60. EUR/USD declined to 1.0719, with German quarter-on-quarter GDP contracting by 0.3%. GBP/USD retreated to 1.2340, and AUD/USD slipped to 0.6522. Spot gold fell to $1,945.74 an ounce, and WTI oil futures enjoyed minor gains and closed at $72.67 a barrel. Bitcoin and Ethereum advanced to $28,198.0 and $1,916.82 respectively. The Nasdaq 100 surged 359 points to 14,298. The S&P 500 added 54 points to 4,205, and the Dow Jones Industrial Average increased 328 points to 33,093.
by Mitrade_official
US QoQ GDP growth is expected to fall to 1.1%Although the latest Federal Reserve meeting minutes highlighted US economic resilience in banking, industrial production, and employment, Mitrade expects quarter-on-quarter growth for its GDP will fall from 2.6% to 1.1%. As the German GDP quarter-on-quarter is expected to recover from -0.4% to -0.1%, EUR/USD declined 20 pips to 1.0750. GBP/USD fell 43 pips to 1.2365, and AUD/USD decreased 66 pips to 0.6543. USD/CAD climbed 91 pips to 1.3595, and USD/JPY gained 88 pips to 139.47. US crude oil inventories were reduced by over 12 million barrels, much higher than expected. However, WTI oil futures closed $1.43 lower at $74.34 a barrel. Spot gold dropped $18 to $1,957.33 an ounce. Bitcoin and Ethereum are trading lower at $26,127.0 and $1,778.61 respectively. The Dow Jones Industrial Average plunged 255 points to 32,799.92. The S&P 500 slipped 30 points to 4,115.24, and the Nasdaq 100 fell 68 points to 13,604.48.
by Mitrade_official
Fed speak sidestepped the debt ceiling and focused on inflationOn Tuesday, Federal Reserve Chairman Jerome Powell did not address debt ceiling negotiations during a meeting with Democratic Congress members. Instead, he focused on high inflation rates, while maintaining an optimistic economic outlook. The Nasdaq 100 dropped 177 points to 13,672, and the S&P 500 slid 47 points to 4,145. The Dow Jones Industrial Average plunged 231 points to 33,055. The UK recorded several lower-than-expected PMI readings, indicating an economic decline. The GBP/USD then fell by 23 pips to 1.2414. Meanwhile, the UK year-on-year inflation rate is expected to slow from 10.1% to 8.3% in April. EUR/USD declined 43 pips to 1.0770, and AUD/USD slipped 44 pips to 0.6609. USD/CAD and USD/JPY both closed one pip lower at 1.3504 and 138.59 respectively. Later tonight, Mitrade estimates US crude oil inventories to decrease by over 9 million barrels. WTI oil futures edged up $0.86 to $72.91 a barrel. Spot gold gained $3 to $1,975.09 an ounce. Bitcoin and Ethereum rose to $27,167.0 and $1,847.13 respectively.
by Mitrade_official