Get started

Conslolidation

GOLD → Pullback from 2477. What's next? News ahead... FX:XAUUSD strengthens to an interim high and hits strong resistance at 2477.5. Gold is not ready to break the boundary yet and is forming a pullback ahead of the news - PPI to be released at 12:30 GMT. Fundamentally, traders are still watching the situation in the Middle East as there are rumors of different nature every day. If the conflict escalates, it will only increase the interest in the metal. Also, traders are waiting for PPI (one of the key inflation reports) as well as CPI (to be published on Wednesday) to determine if the US Federal Reserve is preparing a significant interest rate hike after the weak employment report. Technically, 2477 and 2458 are worth watching. If price starts to return to resistance and consolidate near the level, then a breakout is worth waiting for. But a break of support at 2458 will send the price down to the zone of interest before a possible rise. Resistance levels: 2477, 2483 Support levels: 2458, 2450, 2439 Key focus on news and market fundamentals that could set a medium-term tone for the dollar and gold. But, technically gold is strongly bullish... Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDShort
by RLinda
14
NVDA to the Moon?NASDAQ:NVDA is starting to hold support and could possibly head to the level of 450. The good thing about NVDA is that their AI chips are highly sought after. Depending on their earnings performance in August, we might see NVDA really take off. Bullish Case - Being the leader in GPUs, this market share dominance shows NVDA owning their space. With potentially strong earnings coming up and the hype around generative AI (like chatGPT), NVDA could potentially maintain a level above 400 regardless. Bearish Case - We must acknowledge that we have already broken the uptrend and MUST test lower levels to establish support. With the golden ratio and the need to fill the gap below, there is a potential to test the 300 level before the next bounce. When it breaks 374.36, I will play to the downside to the .618 level. Conclusion - NVDA had an epic run to the level of 440 before slowing down and is in need of proper retracement. The extent of this depends on whether it can hold above 374.36. However, playing the downside can be tricky because of its overall trend strength. Bullish above - 406.41 Bearish below - 374.36
NASDAQ:NVDALong
by JDTheGreat