Gold at critical support ( Marginally breached it)Gold levels breached its support zone today, and if it doesn't recover from here quickly, then it could lead to a potential downward move ahead :(
Coomodities
Where are commodities heading to? Beyond 2022Where are the meat or commodity prices heading?
Meat prices have been rising at a rate of about 3% per annual over the last 40 years.
Meat is what I classified as an edible commodity, so is corn, wheat and rice. And as these commodities start picking up in prices, they are the one that will give the central banks a huge headache and to consider to hike its interest rates than the other commodities in the CPI basket.
Why is this so?
In short, people can still live with some inconvenience without cars or petrol, but not without food. Therefore, there is an urgency for the policy makers to first take care of the basic needs of the people.
Content:
. Long-term direction of Live Cattle
. Trading ideas
. Investing ideas
Disclaimer:
• What presented here is not a recommendation, please consult your licensed broker.
• Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises.
A little hack here to project the coming CPI data and also to know how aggressive the Fed will be with interest rate hike - you may consider to track the development of these edible commodity prices, if it is still trending up, we should be expecting a higher CPI and interest rates.
Example on Live Cattle Futures:
0.025cts = US$10
0.10cts = US$40
145.00 = 1450 x US$40 = US$58,000
From 144 to 145 = US$400
Q3(3RD QUARTER) ANALYSIS FOR GOLD, BULLISH BEFORE BEARISH Hey guys.
I'm Martin Sylvester😅😅😅😅
Everything Charts.
I want to engage you a little.
If your chart is open.
You could use horizontal lines on the higher Timeframe like D1.
Something is really really nice there and I spotted it. I may be wrong but it's so sweet and I'll like to share it.
$2000 price
$1900 price
$1800 price
$1700 price
Each with 1000pips separation but really aligns to price movements on Gold.
I'm more of a round up number person when it comes to dissecting a chart.
So Gold found itself at $1800 and just spiked to $1790.
When Gold got to $2000, it spiked to a midpoint $2050 but $2000 is the main main part, it went down to $1900, patterned it's movement back to $2000, dragged down to $1800
From all indications, history repeats itself😅😅😅😅😅
We are likely to see a move to $1900 or $1950 cos for Gold to spike to $2050 but main price point is $2000, history will repeat itself from past data that it will get to $1900 and may possibly spike to $1950/$1960.
Then drop down as before...
When it spiked to $2050/$2060, what happened???
It dropped to $1900, made a Retracement to $2000 and dropped to $1800.
So let's see it this way..
Rally to $1900, spike to $1950/$1960, then a drop to $1700.
That's like 2000pips plus repeated on historical data of the charts..
Cos $2050/$2000 to $1800 is 2500pips move...
So if there's a Retracement to $1950/$1900, it will be another 2500pips move if we were to look at how data collides with algorithm and repeats itself.
2500pips decline from $1950/$1900 would be at exactly $1700 as predicted earlier.
Trade with caution but these are just speculations, I may be wrong (as I'll always say).
I'm open to corrections(as I'll always say).
If you can take your time to mark these price points, it will help with trades for Gold(XAUUSD).
Lest I forget, there are in-between reaction price points too that I know of that moves in 200pips difference.
Lemme list them starting from top to bottom
$2070
$2050(midpoint for $2000 and $3000)
$2030
$2010
$1990
$1970
$1950(midpoint for $1900 and $2000)
$1930
$1910
$1890
$1870
$1850(midpoint $1800 and $1900)
$1830
$1810
$1790
$1770
$1750(midpoint for $1700 and $1800)
$1730
$1710
$1690
$1670
$1650 (midpoint for $1600 or $1700)
Yours Truly,
Martin I. Sylvester
Financial Market Analyst
ECB rate hike, Norwegian strike spikes oil pricesEUR/USD ⬆️
GBP/USD ⬇️
AUD/USD ⬇️
USD/CAD ⬆️
USD/JPY ⬆️
XAU ⬆️
WTI ⬆️
Yesterday (8 June), Eurozone GDP recorded a modest increase in both yearly (5.4%) and quarterly terms (0.3%), beating market expectations. The good news has made the European Central Bank more likely to raise interest rates tomorrow (10 June), which sits at 0%. EUR/USD retreated from 1.0750, stabilized and closed at 1.0714.
The GBP/USD pair experienced minor fluctuations to close at 1.2539 with a loss, possibly soured by the 56.4 reading from the UK Construction PMI, unable to meet the forecast of 56.6. AUD/USD had a closing price at 0.7192, unable to be lifted by the recovering Chinese economy.
Meanwhile in Canada, the Purchasing Managers Index had improved from 66.3 to 72.0, and investors anticipated a notable 30,000 rise in employment, but the greenback proved to be stronger - USD/CAD rebounded from 1.2521 to 1.2557. The US dollar rally extended to the Japanese yen as well, USD/JPY sprung to a 20-year high at 134.24.
As gold futures briefly went past 1,860.0 to 1,856.5, crude oil climbed from 119 to 122 a barrel, to a near 3-month high of 122.11. Even though US Crude Oil Inventories defied a negative outlook and increased by 2.025 million barrels, news of China easing lockdowns and Norwegian oil workers planning for a strike this weekend have increased demand and tightened supply.
A collection of critical economic indicators will be released tomorrow, in the form of US consumer price index (CPI), most predicted an upswing in general CPI and core CPI going the other way, implying that surging oil prices are the primary driving factors for inflation.
More details on Mitrade website.
UUUUlooks like my Z wave is playing out for the UUUU here, to understand WXYXZ pattern is to know that a series of 3-3-3-3-3 wave patterns have evolved and they are sideways in the chart not compressed into a triangle which would rule the 3 wave pattern as an ABCDE. Now looking at the stoch RSI and also the standard RSI we can see they are both dropping from over bought with room to drop, also the daily rsi has much room. If the Z wave ends up in typical Z wave fashion it would look like the start of an impulse but is actually the end of the WXYXZ pattern and shows all bullish momo has finished . So if I'm correct we are in W2 on H4 and the daily should hit 1.618 fib lvl for a W3 around $4.70 to confirm my chart.
