THE WORLD IS CHANGING, SO IS THE OIL PRICE MOVEMENTSCAPITALCOM:OIL_BRENT
On the fundamental side, Brent oil prices have been supported by a number of factors in recent months, including:
Strong global economic growth, which has boosted demand for oil.
Supply disruptions caused by the ongoing conflict in Ukraine.
The decision by OPEC+ to cut production by 2 million barrels per day.
The war in Iran, which has raised concerns about further supply disruptions.
However, there are also some headwinds facing Brent oil prices, including:
The potential for a global economic recession, which would reduce demand for oil.
The release of oil from strategic reserves by the United States and other countries.
The increasing popularity of electric vehicles, which could reduce demand for oil in the long term.
Overall, the fundamental outlook for Brent oil is bullish. The factors supporting prices are likely to outweigh the headwinds in the near term, but there are some risks to the upside potential.
Technical analysis
On the technical side, Brent oil is currently in an uptrend. On the 30-minute chart, the price is above the 50-day and 200-day moving averages, and the RSI indicator is above 50. This suggests that the bulls are in control and that the price is likely to continue to rise in the near term.
On the 4-hour chart, the price is also above the 50-day and 200-day moving averages, and the MACD indicator is giving a bullish crossover signal. This further confirms the uptrend on the 4-hour chart.
On the daily chart, the price is also above the 50-day and 200-day moving averages, and the RSI indicator is above 50. This suggests that the uptrend is likely to continue on the daily chart as well.
Elliott wave analysis
Elliott wave analysis suggests that Brent oil is currently in the fifth wave of a five-wave Elliott wave sequence. This means that the price is likely to continue to rise until it reaches its target, which is around $100 per barrel.
Conclusion
Overall, the fundamental and technical outlook for Brent oil is bullish. The price is likely to continue to rise in the near term, with a target of around $100 per barrel. However, investors should be aware of the risks posed by a potential global economic recession and the ongoing war in Iran.
Additional thoughts on the war in Iran
The war in Iran is a significant wildcard for the oil market. If the war escalates, it could lead to a major disruption in oil supplies, which would send prices soaring. However, it is also possible that the war will be resolved quickly, with minimal impact on the oil market.
Investors should closely monitor the situation in Iran and be prepared to adjust their positions accordingly.
I am deeply saddened by any war and the conflicts happening around the world. My heart goes out to all those who have been affected by this violence.
I know that words alone cannot heal the pain of those who have lost loved ones or been displaced from their homes. However, I want to express my solidarity with all those who are suffering and to let them know that they are not alone.
I believe that peace and understanding are essential for a better future. I hope that we can find a way to resolve these conflicts peacefully and build a more just and equitable world for all.
This being said, coming back to our analysis, good luck everyone in your financial decisions.
Fundamental-analysis
LTC/USDT 4HInterval ReviewHello everyone, I invite you to review the chart of LTC in pair with USDT, on a four-hour interval. First, we will use the yellow line to mark the downward trend lines from which the price has gone up, while locally we can see that we are moving in a sideways trend channel.
Moving forward, we can move on to marking support areas when we return to the correction. And here you can see that the lower border of the channel is also a support zone lasting from $63.28 to $61.97, but when we fall lower, we still have support at $60.10, and then support at $57.69.
Looking the other way, we see that the price has reached an important resistance zone from $65.71 to $67.91, which it does not have the strength to break yet. However, if we manage to break out of this zone and the upper border of the channel, we still have strong resistance at $70.69.
Please look at the CHOP index, which indicates that we have a lot of energy for the upcoming move. On the STOCH indicator, we are exceeding the upper limit, which may end the current upward movement and translate into a price recovery, while on the RSI indicator, there is still room for the price to grow.
Gold- Before NFP and beyond technical analysisLet's think beyond technical analysis and consider what Gold is likely to do.
We all see it's at a support level, and we're expecting a correction after a 1000 pip drop. In the long term, it's in a descending channel, and to reach the channel's resistance, it needs to rise to 1880, which is 600 pips away.
So, two questions arise:
Is it that simple for Gold to stay put for three days so everyone can buy and profit?
Secondly, who's selling if everyone sees this? Are they blind, or do they want to lose?
With that in mind, I believe Gold will continue to decline, and I have two scenarios for NFP:
1. A spike up and then a drop below support.
2. A direct drop below support.
Of course, I could be wrong.
Latest Gold Idea Next Target is?We have seen that since yesterday, the market has been moving between 1830 and 1816.
It has not been able to break the support at 1816, and neither has it been able to break the resistance at 1830, because 1830 is a strong resistance and 1816 is a strong support.
If the current market is running at 1822, then the market may go up a little.
From 1830, the market may come back, or if it breaks the resistance of 1830, then our next resistance is 1835, and we think that breaking 1835 is very difficult, and from there, the market will come down again, and our next target is if the market breaks the support at 1816, then our final target is 1809 or 1790.
What is the target of gold? Check idea.Yes, let's see what the trend of the market is.
We see that the market is running exactly as it was yesterday because neither the market has yet broken the support at 1816 nor the resistance at 1830.
Seeing that the market is currently at 1823, we believe the market will go up a bit.
If the market fails to break the 1830 resistance, then it will come down again, and our targets for today are 1806 and 1790. If the market breaks the 1830 resistance, then our next resistance is 1835, and we hope that the market will definitely come down from there and meet our target, which is 1806 or 1790.
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Gold Next Target: $1790.00? Check idea We have seen that the price has been going down continuously for the last several days, and yesterday gold reached $1820.00, which has pulled back a bit and is running up to $1826.00.
Our resistance is 1830 if it crosses it next.
Our resistance is 1835; we expect gold to bounce back from 1835 and come down; and our target is $1816, $1809, and $1790.00.
Apart from this, we also have news that will be released at 2 PM according to UK time, which can also affect the market, so keep watching the latest news, and our target is 1816, 1809, and 1790.
We have resistance at 1830, 1835, and 1845, and also support at 1825, 1816, and 1809.
We believe that if the market closes below 1816 and breaks the 1816 support, our next targets are 1809 and 1790.
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See our analysis of what the next target for gold isHello everyone, We hope you guys are having a great weekend.
We have seen over the past several days that gold has been consistently down since 1947, when it was back, and has been consistently down, never going up.
When the market closed on Friday, gold was running at 1848, while 1846 is a very strong support.
We think that gold will pull back from here and go between 1874 and 1878 because 1879 is a very strong resistance.
Again, gold will come down, and our target is 1830.
If you like our analysis, then you can boost our posts. You can leave a comment in the comment section.
Good luck and best wishes to everyone.
Qualitative Fundamental Analysis of US Economy Oct.2023The most important factor for the economy is the behaviour of GDP. Several economic indicators are tracked to determine the overall economic situation and GDP growth.
A technical recession is defined as 2 consecutive quarters of negative real GDP.
If GDP grows less than 3% on average for the year, the economy is not growing fast enough and this will lead to unemployment.
At its core, the Federal Reserve has dual mandate policy: price stability(2% inflation for a year) and maximum employment (max Unemployment rate 4%) .
CPI Inflation projection: inflation is forecast at 4.7% in 2023 and is expected to further slow down to 3.0% in 2024.
Actual CPI : 3.7 %
PCE Inflation projection: inflation to be 3.3 percent in 2023, 2.6 percent in 2024, and 2.2 percent in 2025, and the Federal Reserve expects a similar outlook of 3.3 percent, 2.5
Actual PCE : 3.5%
Unemployment rate projection: The unemployment rate reaches 4.1 percent by the end of 2023 and 4.7 percent by the end of 2024 before falling slightly, to 4.5 percent, in 2025.
Actual: 3,8%
GDP Growth projection: Real GDP increases by 1.5 percent in 2024 and by 2.4 percent in 2025.
Actual: 2,4%
Interest rates projection:The Fed now expects its benchmark federal funds rate to close out 2024 at an effective rate of 5.1%, which is higher than its June forecast of 4.6%
Interest rates: 5.5%
MONEY MARKET
Yields
From the chart above we can see when the recession is coming. The 10Y-2Y has already fallen below 0 and we should prepare for a recession when it comes above 0.
The yield curve (all yields) is slightly inverted, but only because of the 20-year yields. The overall curve is normal, which means that investors are not worried about the future, at least for now and they invest more in long-term bonds.
According to the FED, we should expect a mild recession at the end of this year.
The SP500 seems to be consolidating for the next few months.
Corporate Bonds and Credit Spread
Spreads are relatively stable. They do not point to a recession.
Money Supply M2
The money supply is also stable, which means that the printer is not running. This is a good sign considering the banking crisis.
interest rates
The last time IR was so high was during the last recession in 2008. History could repeat itself. At the last FOMC meeting, the FED paused rates but said they would remain high. This could be exactly what happened in 2007. FED paused after aggressive hike and recession came.
SERVEYS
ISM PMI, NMI
The historical correlation between real GDP growth and the ISM PMI/NMI is 85%. PMI/NMI are leading indicators and they will predict how GDP will move. It is a short to long term prediction (within 12 months).
The reading continued to point to another albeit smaller deterioration in the manufacturing performance, as contractions in output and new orders softened. Meanwhile, sufficient stocks of inputs and finished items, alongside still subdued demand, led firms to reduce their purchasing activity sharply again and firms continued to work through inventories in lieu of expanding their input buying, which contributed to a further improvement in supplier performance.
Consumer Sentiment Index(UMCSI)
The level of consumer confidence in stability and future prospects can be used to understand the overall trend in the economy.
Still, consumers are unsure about the trajectory of the economy given multiple sources of uncertainty, for example over the possible shutdown of the federal government and labor disputes in the auto industry.
From a technical perspective the chart looks very suspicious. Like bullback before the new swing. Will see.
Building Permits
The jump in permits suggested that new construction continues to thrive, driven by a shortage of homes available in the market, despite the dampening effect of rising mortgage rates on housing demand.
NFIB Business optimism index
Twenty-three percent of small business owners reported that inflation was their single most important business problem, up two points from last month. Also, the number of small business owners expecting better business conditions over the next six months declined (seven points from July to a net negative 37%). “With small business owners’ views about future sales growth and business conditions discouraging, owners want to hire and make money now from strong consumer spending,” said NFIB Chief Economist Bill Dunkelberg. “Inflation and the worker shortage continue to be the biggest obstacles for Main Street.
Overall the business is not optimistic for the near future.
Leading Economic Index
The Leading Economic Index provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term.
The US LEI continues to signal a recession. Combined with the yield curves, it looks like a recession could be coming very soon.
INFLATION
Total Inflation = 30% CPI (demand) + 40% PCE(supply) + 30% other factors)
CPI
The FED's target may be 2%, but the reality is that inflation is between 2-4%. Inflation has risen again in recent months and current oil prices suggest that it will remain high.
Investors are worried about future prices. The same thing happened in the 80s. The FED does not want the same to happen today, which is why they have been so hawkish recently.
Core CPI
This projection is very scary, but if the economy goes crazy, it can happen, just like in the 80s. I am not predicting that core CPI will rise that much, just pointing out the similarity.
PCE Inflation
The US personal consumption expenditure price index rose 3.5% year-on-year in August 2023, the most in four months, after an upwardly revised 3.4% rise in July and in line with market expectations.
PPI / Core PPI
The producer price inflation in the United States accelerated to 1.6% year-on-year in August 2023. This is the second consecutive month.
GOVERNMENT
Balance sheet
The balance sheet is falling, which is deflationary. On the one hand, this is good and gives us an indication that inflation should be contained, but on the other hand, it is a sign of recession.
[b ]Cyclical Commodities
Trade weighted US Dollar Index
Rising trade indices are actually deflationary for the economy.
Commodities
They stable prices do not give us a clear picture of the near future.
Stocks
The benchmark indices are falling. The failed to make new HH, suggesting that the will consolidate or fall.
Sometimes they are seen as a leading indicator of future GDP and recession.
Summery
The current pause in interest rates, with the hawkish narrative that rates will stay high for a long time, could be the second phase of the business cycle. The next one is recession.
Yield curves have also suggested that the recession is not as far away as we think.
The surveys are relatively stable, but the overall picture is not so optimistic.
Inflation is on the rise again, which may lead the FED to be more aggressive. They have said many times that they would rather have a recession than a price explosion. They have even warned about a mild recession, how mild we will see.
The unemployment rate is still below 4%, but in recent months it has risen from 3.5% to 3.8%. Rising unemployment is a sign of recession.
Stock indices have risen in recent months, but future expectations of a new recession, combined with high interest rates and business optimism, are bearish factors for the stock market.
ETH/USDT 1DInterval Review ChartHello everyone, I invite you to review the ETH pair to USDT chart, also on a one-day time frame. First of all, we can use the blue lines to mark the downward trend channel in which the price has been moving for a long time, while locally, using the yellow line we can mark the downward trend lines from which the price has gone up, but here you can see that after crossing the blue line EMA Cross 200 the price was quickly withdrawn, which confirms the continued downward trend.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark supports, and as you can see, the price has left the strong support zone from $1,664 to $1,535, only when it falls below this zone can we see a drop to the support level of $1,369.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we can see the price retreating before the resistance level at $1,765, then we have a visible resistance zone from $1,838 to $1,910, only after breaking upwards from this zone should the price attempt to attack the levels of $2,013 and then the level of $2,143.
The CHOP Index indicates that most of the energy has been used. The STOCH indicator shows that the upper limit has been exceeded, which has exhausted the energy and resulted in a price recovery, while the RSI indicator, despite the increase, still shows room for the price to go higher, which indicates that when the energy regains, we may see another upward movement.
BTC growth, what's next?Hello everyone, I invite you to review the current situation of BTC in the USDT pair, taking into account the one-day time frame. First, we will use the yellow line to mark the downward trend line and, as we can see, the price has moved upwards from this line, and we can also see that in the same place the price has broken the blue EMA Cross 200 line, which indicates a return to the upward trend.
Now we can move on to marking support areas in the event of a correction. And here, after unfolding the Fib Retracement grid, we first have support at the level of $27,483, and then we need to mark a very strong support zone from $26,284 to $24,777.
Looking the other way, we can determine resistance areas in a similar way. First of all, we will mark the resistance that the price is currently struggling with at the level of $28,360. As you can see, at the moment the price has returned to this level, only when it is positively tested will it move towards the resistance zone from $29,175 to $30,337. and then we have strong resistance at $31,819.
Please pay attention to the CHOP index, which indicates that most of the energy has been used, the STOCH index also exceeded the upper limit, which resulted in the inhibition of the upward movement, but the RSI index shows an increase, but with room for the price to go further, which is worth taking into account .
Dollar Index (DXY): Important Sign of Strength 💵
It feels like Dollar Index will keep growing next week again.
The price perfectly respected a horizontal intraday demand zone,
forming a high momentum bullish candle and violating a resistance line
of a falling wedge pattern.
Growth will be anticipated to 106.5 / 106.7
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DXY comparison chart to 1990'sIn the 90's the DXY capitulated after completing a trend based time measurement.
Trend based time fib tool used with 3 anchor points utilizing the 2 lows and a high.
If we use the same tools on the current data we can see that there is another opportunity coming that looks strikingly similar to the chart from the 90's.
US Government shut down is imminent and if it lasts more than a week or two could seriously hurt the US Dollar.
This would be a great narrative to compliment what the charts are already hinting towards.
USDX WEEKLY UPDATEHello all
I still believe that the USD has room to go upward. I won't start holding long positions in the xxxusd until the nfp or the cpi in the following month, with the exception of usdjpy.
usdcad more likely neutral, eurusd and gbpusd sideway bias short.
others not under my watch
**I have no intention of using my trading approach as a signal. I'm practicing my trading strategies, learning about market dynamics, and figuring out the best way to enter the market in the right direction.
Again Gold Sell Target? check idea Hello Everyone, As we have seen for the last several days, gold has been going down continuously, and yesterday it went up to 1857.
After that, there was a slight pullback, and it went up. Now that gold is running in 1874 or 1875, we are hopeful.
Gold will go back between 1875 and 1878, or back between 1885 and 1888, after which our next target is 1855.
If you like our analysis, then you can boost our posts. You can leave a comment in the comment section.
Good luck and best wishes to everyone.
USDCAD Potential Selling Opportunity According to my FundamentalSell Description:
Pair: USDCAD
SL: 20 - 30 pips
TP: 80-100 pips
We have identified a potential selling opportunity in pair. The price has shown signs of bearish momentum and is currently trading below key resistance levels.
Our entry point for this trade is is Shown in Picture, with a stop loss (SL) set at . This provides a risk-reward ratio of approximately 1:3,4 ensuring a favorable risk management strategy.
Our take profit (TP) target is set at mentioned Area on the chart, aiming for a potential gain of 80 to 100 pips. This level aligns with previous support and offers a high probability of price reversal or further downward movement.Please note that trading involves risks, and it is essential to manage your positions carefully. Always adjust your position size according to your risk tolerance and ensure you have a clear understanding of the market conditions before entering any trades.
today Again gold sell? Check idea Hello Everyone, As we have seen for the last several days, gold has been going down continuously, and yesterday it went up to 1857.
After that, there was a slight pullback, and it went up. Now that gold is running in 1874 or 1875, we are hopeful.
Gold will go back between 1876 and 1879, or back between 1885 and 1888, after which our next target is 1855.
If you like our analysis, then you can boost our posts. You can leave a comment in the comment section.
Good luck and best wishes to everyone.
GBP/USD - A BEARISH OUTLOOK
GBP/USD Fundamental and Technical Analysis for 28 September 2023
Subtitle: GBP/USD remains under pressure as the US dollar continues to strengthen against a basket of major currencies. Technical indicators on the 30-minute, 4-hour, and daily charts suggest that further downside is likely in the near term.
Fundamental Analysis:
The British pound has been under pressure in recent weeks due to a number of factors, including:
Rising inflation: Inflation in the UK hit a 40-year high of 10.1% in July 2023, putting further pressure on household budgets and businesses.
Weak economic growth: The UK economy is expected to grow by just 0.5% in 2023, according to the IMF, which is the slowest pace of growth among the G7 economies.
Political uncertainty: The UK is currently facing a number of political challenges, including the ongoing war in Ukraine, the cost of living crisis, and the ongoing negotiations over the Northern Ireland Protocol.
Technical Analysis:
On the 30-minute chart, GBP/USD is trading below both its 50- and 100-period moving averages, which is a bearish sign. The RSI indicator is also below 50, suggesting that the pair is oversold. However, the MACD indicator is crossing below its signal line, which is a bearish signal.
On the 4-hour chart, GBP/USD is trading below a descending trendline. The pair is also below its 50- and 100-period moving averages. The RSI indicator is below 50, and the MACD indicator is crossing below its signal line.
On the daily chart, GBP/USD is trading below a descending triangle pattern. The pair is also below its 50- and 100-period moving averages. The RSI indicator is below 50, and the MACD indicator is crossing below its signal line.
Overall, the technical indicators on all three timeframes suggest that GBP/USD is likely to continue to decline in the near term.
Conclusion:
GBP/USD remains under pressure due to a number of fundamental factors, and the technical indicators on all three timeframes suggest that further downside is likely in the near term. Traders should be cautious going long on GBP/USD at this time.
I hope this post is helpful.
This analysis represents is based on the information at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day!
AUD/JPY: A CURRENCY PAIR IN THE SPOTLIGHTKey fundamental factors to watch for in the AUD/JPY currency pair:
Australian economic data: The AUD is sensitive to data releases such as GDP growth, unemployment rate, and retail sales. Positive economic data releases tend to boost the AUD, while negative data releases tend to weigh on the currency.
Japanese economic data: The JPY is sensitive to data releases such as GDP growth, industrial production, and inflation. Positive economic data releases tend to weigh on the JPY, while negative data releases tend to boost the currency.
Risk sentiment: The AUD/JPY currency pair is sensitive to risk sentiment in the global market. When risk sentiment is strong, the AUD tends to rise against the JPY. When risk sentiment is weak, the JPY tends to rise against the AUD.
Interest rate expectations: The AUD/JPY currency pair is sensitive to shifts in interest rate expectations between Australia and Japan. If interest rates are expected to rise in Australia relative to Japan, the AUD tends to rise against the JPY.
Technical Analysis
30-Minute Chart
The AUD/JPY currency pair is currently trading in a bullish trend on the 30-minute chart. The price is above the 50 and 200-period moving averages, and the MACD indicator is above the signal line. The RSI indicator is also above 50, which indicates that the pair is not overbought.
According to the Elliot Wave Theory, on the 30min chart, we are now forming a Wave C on the downside. If the analysis is valid, the marked levels (or around them) will be touched and then the downtrend will continue for a short-medium term, before the market resumes its uptrend, forming a next impulsive wave on the upside.
Key technical levels to watch on the 30-minute chart:
Support: 95.059, 95.132, 95.173
Resistance: 95.246, 95.278, 95.351
4-Hour Chart
The AUD/JPY currency pair is also trading in a bullish trend on the 4-hour chart. The price is above the 50 and 200-period moving averages, and the MACD indicator is above the signal line. The RSI indicator is also above 50, which indicates that the pair is not overbought.
Key technical levels to watch on the 4-hour chart:
Support: 95.059, 95.132, 95.173
Resistance: 95.246, 95.278, 95.351
Daily Chart
The AUD/JPY currency pair is trading in a neutral trend on the daily chart. The price is between the 50 and 200-period moving averages, and the MACD indicator is crossing above the signal line. The RSI indicator is also at 50, which indicates that the pair is neither overbought nor oversold.
Key technical levels to watch on the daily chart:
Support: 95.059, 94.958, 94.857
Resistance: 95.246, 95.351, 95.456
Overall Outlook
The AUD/JPY currency pair is currently trading in a bullish trend on the 30-minute and 4-hour charts. However, the pair is trading in a neutral trend on the daily chart.
Bullish traders will be looking for a break above the 95.246 resistance level on the 30-minute and 4-hour charts. A break above this level could lead to a further rally towards the 95.351 resistance level.
Bearish traders will be looking for a break below the 95.059 support level on the 30-minute and 4-hour charts. A break below this level could lead to a further decline towards the 94.958 support level.
**Traders should also pay attention to the overall risk sentiment in the global market.
I hope this post is helpful.
This analysis represents the information at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day
Gold Next Target 1922 or 1929? check IdeaYesterday we saw that when the market broke below 1916, the market went down further, and we met our target of 1903.
After that, the market went down further, and now the market is running at 1895, which is our buy zone from 1895 to 1890.
We expect the market to go higher from here, and our target is 1910 or 1916. If the market fails to break the 1916 resistance, the market will go lower, and then 1900, 1890, or 1880 if the market breaks the 1916 resistance.
So the market will go higher, and the target is 1922, 1929, or 1946.
1895–1890 is our buy zone.
If gold breaks the 1890 support, it will go further down and may reach 1886 or 1880.
If it breaks both of these supports further, the next target is 1870 for gold.
Gold, Further Short on the cardGold started a recent descending channel from 1947.555 since the FOMC press conference on 20th September 2023.
Price could be expected to retest the Daily EMA 200 and 4hr EMA-20 before possibly swinging down to challenge the low since 21st August at 1885.
The DXY could also further grow to 109 and ultimately to 113 as i mentioned in my last DXY idea publication. This can potentially bring a negative fundamental to GOLD and so watch out.
BTC/USDT 4H Interval Review ChartHello everyone, I invite you to review the current situation of BTC in the USDT pair, taking into account the four-hour interval. First, we will use blue lines to mark the sideways trend channel in which the price approached the upper limit. At this point, it is worth determining the height of the channel, because when the price confirms the upper exit and tests it, the increase may be similar to the height itself. Next, it is worth marking the local downward trend line from which the price dynamically went up.
Now we can move on to marking support areas in the event of a correction. And here, after unfolding the Fib Retracement grid, it is worth marking the support zone from $26,513 to $26,200 first, but when we fall below this zone, we have a second strong zone from $25,893 to $25,462, and then strong support at $24,909.
Looking the other way, we can determine resistance areas in a similar way. First, we will mark a strong resistance zone, in front of which the price is located from $26,910 to $27,453, when the price breaks out of this zone and then holds it, we can see an attack on the resistance at the price of $28,151 before further increases.
At this point, it is worth turning on EMA Cross 200 and, as we can see, the price was above the moving average of 200, which indicates a return to the upward trend, but it is important that this level is positively tested.
Please pay attention to the CHOP index, which indicates that there is still some energy left, the RSI shows a visible increase and there is some room for the price to go higher, but the STOCH index clearly shows that the upper limit has been clearly exceeded, which also resulted in a deceleration of the growth and a visible rebound in order to regain gathering energy.
Gold Target 1903: Still Available? Check AnalysisAs we mentioned in our previous analysis that our next target is 1903. Already our three targets 1928, 1923 and 1916 have been hit.
Because we believe that if the market breaks the 1929 resistance, the next targets are 1936 and 1945, and if the market breaks the 1916 support, our next targets are 1908 and 1903.
If the market breaks the resistance of 1929 and goes up, then the market will back up between 1936 or 1938 or go up between 1945 and 1947 and the target is still the same as 1903.
If you like our analysis, then you can boost our posts. You can leave a comment in the comment section.
Good luck and best wishes to everyone.
Now, gold goes up? or Still 1903 Target AvailableAs we said in one of our analyses yesterday, if the market breaks 1916, then the market will go down further. We saw that the market actually went down, and now the market has pulled back a bit and is up to 1916.
We expect the market to go lower now and meet our target of 1903.
If you like our analysis, then you can boost our posts. You can leave a comment in the comment section.
Good luck and best wishes to everyone.