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gold market strategic outlook bulls will target 2500 usdHello traders, today let's review a higher tf gold price chart. Noteworthy compression into expanding triangle setup in progress on 4days/candle price chart. Normally, this is a bullish continuation pattern, since previously we were in strong uptrend. So overall, strong bull run in progress, and the bear scenario was recently invalidated after heavy reversal off the double bottom formation near 1625 USD.\ Heavy resistance overhead at 2 000 USD will likely provide a pullback opportunity for the bulls, however this resistance was tested twice already, so final re-test and then expect resistance to break. Based on measured move projection, bulls will target 2500 USD, which is 40% gains setup after the pullback (entry near 1700/1740 USD). Bulls should remain patient and not chase the current move, short-term traders can focus on buying dips targeting 2000 USD. 🎁Please hit the like button and 🎁Leave a comment to support our team! RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
OANDA:XAUUSDLong
by ProjectSyndicate
60
Oil prices start to rebound, go long?Oil prices bottomed out and rebounded on Thursday, ending a three-day decline. Earlier, there were reports that Saudi Arabia and Russia met to discuss how to strengthen market stability. The two countries continue to promise to abide by the decision to reduce their production target by 2 million barrels per day by the end of 2023; helped by a strong rebound in the financial sector, US stocks closed sharply higher and also boosted oil prices. However, the risk of spread between banks still makes investors nervous, suppressing their appetite for assets such as commodities, because they fear that further rout may trigger a global recession and reduce oil demand.In addition, market concerns about oversupply still cast a shadow over the outlook for the oil market.The IEA said on Wednesday that commercial oil stocks in developed OECD countries have hit an 18-month high, and Russia's oil production in February remained near the level before the war in Ukraine, despite sanctions on maritime exports. From the trend point of view, oil prices have recorded a longer downward K-line for two consecutive trading days, suggesting strong downward support. On Thursday, a doji was recorded. The technical indicators are close to issuing an oversold signal. There is still a possibility of short-term volatility in oil prices. Bottoming out; however, before regaining the 70 mark, oil prices as a whole are still running in the air.At present, the initial resistance is near 70. If this position can be further recovered, it will increase the bullish signal in the future. In order to facilitate everyone to continue to follow up on my analysis and sharing, you can like and follow me; in addition, I will share the daily real-time strategy in the channel. If you can't follow up in real time, you may make operational errors.You can use the following methods to enter my channel for free to follow the latest news and follow up on market trends in real time.
TVC:USOILShort
by Short-term-king
US Oil - Last downward leg - Pt.3Hello traders! In previous posts (links in description) we argued about how we believe Oil to be in a cycle corrective wave after big impulse from covid low. We believe this corrective move is unfolding as a triple three targeting the GZ, and confluence zone, in the 56-63 area. This is a big picture of this macro view A great long opportunity will later come in oil, that we will be able to discuss in the future. But first, we expect another leg down. As showed in the main chart, we believe the last ABC of the triple three to be in the making, with a triangolar wave B that may be concluded. We will update here for possible short setups. Bests GMR
TVC:USOILShort
by GMR-Capital
ukoil 8h chart broke down 15% correction warningUKOIL 8hour chart review/outlook. Broke key s/r recently so expecting weakness next 4-8 weeks. Previously compression intro triangle pattern and sequence of higher lows was invalidated recently with break of 83.50 USD. sequence of higher lows at 76.50 and 79.85, but broke down with recent sell side pressure mounting due to US banking crisis. Based on measured move price projection bears will target 69.50 USD, so this is a 15% correction off the base of the triangle patter setup. Recommended strategy: short sell rips/rallies and exit final TP at 69.50 on sell side. 🎁Please hit the like button and 🎁Leave a comment to support our team! RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
TVC:UKOILShort
by ProjectSyndicate
20
WTI bearish breakout coming soon?We're seeing an ascending support line hold prices just above the 72.72 support level. If price were to break this support level along with the ascending support line, we could see a big drop to major multi-swing low support at 61.97. It's worth noting that there's a bearish ichimoku cloud that is pushing prices lower too with its bearish momentum. 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, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
BLACKBULL:WTIShort
by Rockqet
CRUDE to bounce too!Been a while since crude futures were reviewed, and since the last post, crude categorically dropped... but it maintained a decent range between 70-80/82. The thing about crude now is that it appears to be coiling and is starting to show signs of a break out. Here is how I see it... the candlestick pattern (especially in the Daily chart, not shown here) is bullish, at least leaning towards bullishness. The MACD is aligning up, and the VolDiv is tapering but not crossed over yet. The MACD is forming that not so subtle anymore bullish divergence. Also noted that the TD Sequential is still in bullish primary trend mode (not shown here). Now, to qualify a good break out, we need to set some parameters. 82 is the break out resistance level (green line) and this is about half of the range since August 2022. Coincidentally (or not), the 23EMA is at 81, and the weekly price needs to close above 81. And a really good break out (out of the yello box range) above 94 would be seriously bullish, although that might mean the Ukr-Russ conflict might have escalated. Sidenote that the USD in a choke-hold and depreciating would help Crude rally up more. Alternatively, a 23EMA failure, MACD cross under can happen as the VolDiv accelerates further into bearish territory. a close below 72 would favour the bear case. Given the longer term view, it appears Crude is ready for a (surprise) bounce, and is likely to revisit the last low in December 2022, probably May-July 2023. While this is not obvious in the weekly chart, the Monthly chart TD Sequential indicates, so heads up.
NYMEX:CL1!
by Auguraltrader
Oil prices caught in dollar's game, ahead of NFPOil prices are like a game of poker right now, with players trying to figure out what everyone else is holding. There's the China reopening story, OPEC's card tricks, SPR releases and refills, and the dollar's royal flush. It's a high stakes game, but the pot is huge! Traders are watching NFP and CPI data like hawks, looking for any tells that might indicate which way oil prices are headed. Powell's hawkish comments have only upped the ante, with the markets going all in on a 50-point rate hike. Will they be able to bluff their way to a win? For now, oil prices are stuck in a tight range of 73.00 to 82.50, like a hand with no pairs or straights. But there's still hope for a lucky break! You could try raising the stakes by buying a bounce off of the 73.00 level or buying a break of the 82.50 level. If you're feeling lucky, why not both? A break above 82.50 could mean a jackpot, while a break below 73.00 could signal a bust. So grab your lucky rabbit's foot and get ready to play the oil price game! Keep your eyes peeled for any new cards on the table and you just might hit the jackpot.
TVC:USOILLong
by natron
1
USOIL, daily Crude oil opened lower on Monday mainly due to China setting a lower-than-expected target for economic growth this year at around 5% “Premier Li Keqiang said on Sunday the foundation for stable growth in China needed to be consolidated, insufficient demand remained a pronounced problem, and the expectations of private investors and businesses were unstable.” Investors cautiously wait for the major publications coming from the States, especially the NFP later the same week. Hawkishness from the FED is not picking up just yet since the possibility of a single hike on the next meeting is currently just above 70% making the Dollar index to slightly decline boosting Crude oil’s price up overall in the last week. On the technical side the price has recently broken above the resistances of the 38.2% of the daily Fibonacci retracement level, the 50 and 100 moving averages as well as the bearish symmetrical triangle formation that was in effect since mid November 2022. This major correction to the upside was somewhat “paused” (at the time of this report) after the concerns of investors mentioned above. In the event of a continuation of the bullish momentum then we might expect some resistance around the $80,50 area which is the upper band of the Bollinger bands and slightly above the psychological resistance of the round number. If the opposite happens and the price resumes its overall bearish movement then the first level of support lies around $77,50 which consists of an area on the chart where there are the 50 and 100 moving averages as well as the upper boundary of the triangle.
TVC:USOIL
by Exness_Official
RIGHT ARM OF M PATTERN IS FORMING.... SELLWhen examining this asset, there is evidence of an M-pattern formation occurring across weekly, 4-hour, and 1-hour time frames. Although the right arm of the M-pattern has not yet begun on the weekly timeframe, it is about to commence on the 4-hour timeframe. There is also a clear formation of the right arm of the M-pattern taking place on the 1-hour timeframe. Aggressive traders may opt to enter using the 1-hour timeframe, while conservative traders may prefer to use the 4-hour timeframe. Conservative and long-term holders may choose to ride with the weekly timeframe. Ultimately, the choice of timeframe depends on individual trading style. Follow for more tips, and share your thoughts by commenting, liking, and sharing.
NSE:OIL
by ForexClinik
USOIL stuck between $70 and $82A month ago, we noted that USOIL would likely stay stuck within the wide range between $70 and $82. We outlined several developments that pointed to a neutral trend and said that even if the price fell below $70, we would expect it to be shortlived due to the U.S. administration seeking to refill its Strategic Petroleum Reserves (SPR) near that price tag. A week later, the U.S. announced it would release 26 million barrels of crude oil into the market (in line with its mandate). However, based on the publicly available data, the Strategic Petroleum Reserves have remained unchanged since the start of 2023, at 371.58 million barrels. That indicates U.S. officials are waiting for a higher oil price at which they could unload their reserves at a profit. With the price of USOIL approaching $80 per barrel, this event might not be that far away. Our view has not changed; we still expect the oil price to stay choppy within the wide range for an unforeseeable future. Illustration 1.01 Illustration 1.01 displays the daily chart of USOIL within the wide range and two simple moving averages. Previously, we said that the flattening of these moving averages indicated a neutral trend. Technical analysis Daily time frame = Neutral Weekly time frame = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOIL
by Tradersweekly
18