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Outlook for new era level, most important data of the weekOANDA:XAUUSD remains in a strong uptrend after yesterday's breakout, an outlook for a new bull run and weekly target levels. On this trading day, the market will receive the most important data of the week and will create major fluctuations in the entire financial market in general, and the gold market in particular. On Thursday, as weak US ADP jobs data weighed on the US Dollar, gold futures broke out strongly towards the weekly target level. The United States releases the ADP jobs report on Thursday, showing private sector employment rose by a seasonally adjusted 99,000 in August, a new low since January 2021, lower many expected and months before. Today (Friday), the market will receive the US nonfarm payrolls report for August. Surveys show the number of nonfarm workers in the United States is expected to increase by a seasonally adjusted 160,000 in August, following an increase of 114,000 in July. Investors also need to closely monitor US unemployment data. Surveys show the US unemployment rate is expected to fall to 4.2% from 4.3% in August. If the unemployment rate in August is equal to or higher than July, gold prices will receive important fundamental support due to the possibility that the Fed will cut interest rates even more sharply, which could completely push up gold prices. all-time high or refresh all-time high. On the other hand, if non-farm payroll data is lower than expected or equal to the previous month, gold prices will be strongly supported by this when both employment data and unemployment rate are released at the same time. The current basic trend of gold will still maintain an uptrend when supported by most macroeconomic conditions such as geopolitical risks with many potential driving forces for price increases, supported by the path of policy changes of the Government. Fed and the weakening of the USD as well as US bond yields. The basic picture will shape the trend for quite a long time, but it will be the main trend that shapes all technical changes. Analysis of technical prospects for CITYINDEX:XAUUSD Gold is still aiming for the weekly upside price target presented to readers in Sunday's weekly edition, and as price activity is above the 0.786% Fibonacci extension it should qualify for a bullish outlook. in short term. On the other hand, the Relative Strength Index is pointing up but still quite far from the overbought level, showing that there is still wide room for price growth ahead. As long as gold remains above the EMA21, within the price channel and above the 0.786% Fibonacci level, it is still trending up in the short term. More broadly, as long as gold remains within the price channel, any pullback should be considered a technical correction and not the primary trend. During the day, the rising prospect of gold prices will be noticed by the following levels. Support: 2,503 – 2,500USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2533 - 2531⚡️ ↠↠ Stoploss 2537 →Take Profit 1 2526 ↨ →Take Profit 2 2521 BUY XAUUSD PRICE 2496 - 2498⚡️ ↠↠ Stoploss 2492 →Take Profit 1 2503 ↨ →Take Profit 2 2508
OANDA:XAUUSDLong
by Xayah_trading
GOLD corrects, recovers and stabilizesOANDA:XAUUSD recovered and stabilized after a significant correction yesterday. At one point, gold dropped sharply by about 33 US Dollars, but up to now, the recovery momentum has helped gold return to a short-term technical uptrend. The August manufacturing PMI index released by the Institute for Supply Management (ISM) on Tuesday remained below 50, a sign of economic slowdown. However, the employment component of the report improved slightly. ISM manufacturing PMI rose to 47.2 from 46.8 in August, below expectations of 47.5. After the release of the ISM report, US 10-year Treasury yields (US10Y) fell, leading to a weakening of the USD. Affected by the decline in US bond yields and the USD, gold prices recovered after hitting a low of 2,473 USD/ounce. This week will continue to be highly volatile due to the impact of a series of US economic data with the release of JOLTS job openings, ADP employment changes and non-farm payrolls (NFP) data to be released. • JOLTS U.S. job openings are expected to be 8.1 million in July, down from 8.184 million in June. • US ADP employment growth in August is expected to increase to 150,000 from 122,000 in July. • In addition, employment growth in US non-farm payrolls in August is expected to increase from 114,000 to 163,000, while the unemployment rate may decrease from 4.3% to 4.2%. If the US jobs report is weaker than expected, it will prompt market assessments of faster interest rate cuts to reappear, which will further support gold prices and continue to create pressure on investors. with USD. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, although gold had a significant correction decline in yesterday's trading session, on the daily chart, the gold price still has enough room to rise, as it receives support from the confluence area of EMA21, Fibonacci extension 0.618% and the bottom edge of the price channel, a very important area for the short-term uptrend was noticed by readers in a short comment yesterday. In the short term, if gold moves above the 0.786% Fibonacci extension level, there will be conditions for a new bullish cycle and the upside outlook for the weekly target is fixed at 2,531 – 2,544USD. As long as gold remains above the EMA21, and within the price channel, it remains technically bullish in the short term. Meanwhile, the Relative Strength Index is showing signs of bending and pointing up, a signal that the bullish outlook is becoming positive. During the day, gold's uptrend is noted by the same technical levels. Support: 2,471 – 2,484USD Resistance: 2,500 – 2,503USD SELL XAUUSD PRICE 2516 - 2514⚡️ ↠↠ Stoploss 2520 →Take Profit 1 2509 ↨ →Take Profit 2 2504 BUY XAUUSD PRICE 2459 - 2461⚡️ ↠↠ Stoploss 2455 →Take Profit 1 2466 ↨ →Take Profit 2 2471
OANDA:XAUUSD
by Xayah_trading
Jobs data is coming, GOLD recovers around 2,500USDOANDA:XAUUSD continues to recover significantly after a sharp adjustment at the beginning of the week, fueled by lower economic data that means the Federal Reserve may cut interest rates more aggressively in the near future. On this trading day (Thursday), the market will receive the release of ADP employment data, which is expected to buck short-term trends. The Job Openings and Labor Turnover Survey (JOLTS) released Wednesday by the U.S. Bureau of Labor Statistics showed the number of job openings fell to 7.67 million from a downward revision. 7.91 million last month. Data were below expectations of all expected surveys. The JOLTS job vacancy report was one of the labor force indicators that U.S. Treasury Secretary Yellen valued most when she was chair of the Federal Reserve. This index is also labor market data that the Fed is very interested in. Readers can refer to the fact that the Fed has recently mentioned a lot about employment issues, by most important officials. The US employment change (ADP) report, initial jobless claims and nonfarm payrolls (NFP) report will be released later this week. This trading day the market will first pay attention to the US ADP data, which will continue the important data week and provide short-term trends. US ADP employment growth in August is expected to increase to 150,000 from 122,000 in July. Additionally, U.S. nonfarm payrolls job growth in August is expected to increase from 114,000 to 163,000, while the unemployment rate could fall from 4.3% to 4.2%. If jobs data is weaker than expected, this will continue to push gold prices higher and create pressure on the USD. Employment data has been closely watched so far, but in this period it will be even more important because it is a visible "directional arrow" to evaluate the path of interest rate cuts by the Reserve. United States of America. Analysis of technical prospects for OANDA:XAUUSD Gold remains stable with the main uptrend in the short, medium and long term. After receiving support from the key confluence area noted by readers in the previous issue at the 0.618% Fibonacci extension, EMA21 and the lower edge of the price channel, it rose to reach the recovery target level. initial price point at 2,500USD. Looking ahead, if gold manages to move above the $2,500 base price and break above the 0.786% Fibonacci extension it would qualify for a weekly upside target of $2,531 in the short term and beyond to 2,544USD. During the day, the bullish outlook for gold prices remains unchanged at notable levels and will be listed for readers as follows. Support: 2,484 – 2,471USD Resistance: 2,500 – 2,503 – 2,531USD SELL XAUUSD PRICE 2516 - 2514⚡️ ↠↠ Stoploss 2520 →Take Profit 1 2509 ↨ →Take Profit 2 2504 BUY XAUUSD PRICE 2459 - 2461⚡️ ↠↠ Stoploss 2455 →Take Profit 1 2466 ↨ →Take Profit 2 2471
OANDA:XAUUSD
by Xayah_trading
1
2024-09-04 - priceactiontds - short daily update - daxGood Evening and I hope you are well. tl;dr Indexes - Bearish bias confirmed. Bulls getting nervous by now. More bad data releases and markets are leaving bear gaps unclosed. Today we also made lower lows and the pullbacks were shallow. All good for the bears and the odds of another strong leg down and a measured move got higher today. dax futures comment: Bears kept the 140 point gap to Tuesday’s close open and that shows strength. Bulls could not get a bar above the 1h ema today and I’d be surprised if it stays that way. Bears are in control and they want a second leg down. A measured move would bring us to almost exactly 18000. Absolutely favoring the bears to do that instead of bulls getting above 18800 again. current market cycle: huge trading range (below 18500 the minor bear trend inside the range is confirmed) key levels: 17000 - 19000 bull case : Bulls can be happy if they can keep the market going sideways. Today’s open price was not tested and we closed above the daily ema, which shows some strength by the bulls. For higher prices bulls need a strong 1h close above the ema and that’s all I can come up with for the bulls right now. Invalidation is below 18500. bear case: Bears have the big round number 18500 to break for lower prices. They are clearly in control again and they want to stay below the 1h ema for a measured move down to 18000. Below 18570 I expect many bull stops to be hit and we will test 18500 and there I expect bulls to come around more strongly again and trying to hold it. We already have a decent looking bear channel or wedge on the 1h tf. I want to see what the Globex session brings and then I will decide tomorrow morning if I do a swing short for 18000 with a stop 18800/18850. Invalidation is above 18750. short term: Bears are in control and the odds favor a second leg down. Above 18700 I get more neutral and below 18570 I expect 18500 to follow soon and if bears break that, we will likely get the big second leg. medium-long term - Update from 2024-09-01: 4 Months left in 2024 and I do think the market is in a trading range where the upper area is around 19000 and the lower area is probably 17000 or 16000 if something bigger comes up. Since we are at the very top, I expect the market to go some sideways before trying to go down again. Next 2000 Points will be made to the downside but it’s too early to short this. current swing trade: Will decide Thursday morning if I do a swing short. 18000 would be my first tp and stop at least 18820. trade of the day: Buying the open was by far the best one. Otherwise shorting 18670 the next best thing.
EUREX:FDXSU2024Short
by priceactiontds
2024-09-04 - priceactiontds - short daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Bearish bias confirmed. Bulls getting nervous by now. More bad data releases and markets are leaving bear gaps unclosed. Today we also made lower lows and the pullbacks were shallow. All good for the bears and the odds of another strong leg down and a measured move got higher today. sp500 e-mini futures comment : Many of the same arguments as for dax. Very strong leg down and bears want another one. Measured move target would be 5350-5370. Market closed 5 points above the open, so a big nothingburger but both sides made money today. current market cycle: trading range key levels: 5500 -5670 bull case: Bulls made money today if they were quick to take profits but the problem is, that the pullback was not high enough to seriously question the bear case. Bulls need to fight for 5500 or we get the second leg down. Same easy if-this-then-that scenario for most indexes. Invalidation is below 5490/5500. bear case: Bears confirmed the leg down with lower lows and a shallow pullback, which they sold again. They closed below the daily ema and also left a bear gap open, though a small one. First target below 5500 is 5420 which is the 50% pullback from the bull rally. Invalidation is above 5666. short term: Bearish. Below 5500 I become full bear again but can also see this going a bit more sideways. I do expect this week to close deep red and below 5500. medium-long term - Update from 2024-09-01: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024. current swing trade: Nope and will only do on bigger swing short it will probably be dax. trade of the day : Very strong open and longs were good. After that it was so two sided and no obvious amazing trade. In hindsight it was an obvious short but not as it was happening imo. Market had strong two sided trading during news releases. After bar 11 close I expected market to close nearer to the open price and scalped some shorts.
CME_MINI:MES1!Short
by priceactiontds
POPCAT: Our Next Crypto Swing PlayIt's been a while since we posted any crypto swing trades. The last few months have been particularly challenging for swing plays, and we made very good profits just by scalping in August. However, we've been closely monitoring the higher time frames, and we believe we've found a potential play with POPCAT. For this trade to work out, we need BTC to behave, but so far, everything looks good, and the depth of the retracement is consistent with prior pullbacks. Recently, POPCAT has shown a change in structure after what seems to be a completed Wave (2). We want to bid on this continuation with a wider stop loss because there's a 12H FVG below that is relatively important for altcoins. There's a chance that we tag this FVG before rising higher, though a body close below it would invalidate our bullish outlook. Therefore, we're cautious but still want to place this bid, and we will DCA down if necessary. We'll keep you updated whenever we make any moves. As for targets, we're looking to go above the high of the latest COS, then the fair value gap above, and finally, a continuation above the current Wave (1). If we get this far, we would let it run as a moonbag, but we'll keep you informed regardless.
Long
by freeguy_by_wmc
2024-09-03 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Huge bear surprise today. The strength of the selling was absolutely unexpected. Bulls closed August at the very high and had all the arguments to print new ath but as of now, this selling is different and new highs are now very unlikely. Most daily charts printed a huge outside down bar, closing at the lows and below the daily ema. If bears get follow through tomorrow, they have taken control of the market and we might take the elevator down again. sp500 e-mini futures Here is the quote from my weekly update: bear case: Bears see it as a big trading range and we are at the highs again. They start scaling into shorts above 5600. Same observation as last week. Until bears print consecutive daily bear bars or stronger 1h bars below 5650, bulls remain in control. If bears somehow manage to print a bigger engulfing bear bar on the daily chart, especially if it closes below 5600, that would probably be enough to make many more bulls exiting their longs. Interesting week ahead of us. comment : Market went only down today and did not touch the 15m ema, so it only makes sense to talk about the daily chart. Bears did exactly what they needed to do in order to make more bulls take profits. Now comes the most important part. If they let the bulls have a bigger pullback, this might go above 5650 again but if it stays below 5600 and we print 5490, that would certainly hit the last stops and could accelerate this down hard. current market cycle: trading range key levels: 5500 -5670 bull case: Bulls are running for the exits. They want to secure the profits from the insane reversal over the last weeks. I expect many more stops around 5490 and bulls need to prevent the market from getting there. Bulls have the slight hope this was an early sell climax with a bear trap below the daily ema and the expanding triangle. If they can get above 5600 again, their case is valid and we could get back above 5640 again. Invalidation is below 5490/5500. bear case: Bears have all arguments on their side, if they keep the pullback shallow and print below 5500 tomorrow. Seasonality is on their side this month and since the market is in a very volatile state, it’s possible to see 5000 this month. The first bigger target for the bears is obviously every round number, so 5500 but I do think 5400-5420 is the real target because that is the 50% pb from the recent bull rally. I will look to see if the 1h ema will hold tomorrow. Max bearishness would be to go sideways between 5500-5560 until bears want the bigger second leg down. Invalidation is above 5660. short term: Bearish but I expect a pullback before another leg down. Need to see how strong bulls are tomorrow. First bigger target for the bears is 5400. medium-long term: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024. current swing trade: Nope. trade of the day: Sell anywhere and hold. Sounds a lot easier than it is but those are the hard facts. If you struggle to do that, you need to come up with strategies to force yourself to swing part of your position and not close until a clear signal appears. Today had no signal to exit shorts.
CME_MINI:MES1!
by priceactiontds
2024-09-03 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr Oil - Huge day for the bears. Both bull trend lines I had on my daily chart are now broken. 70 should be bigger resistance for now though. I expect the market to go sideways 69.5 - 71 for more time before another impulse. If bears manage to get below 69.5 tomorrow, that would bring 67 in play and really bad for the bulls. Neutral inside given range after such climactic selling but will join either side on strong momentum. comment : Very interesting day for the bears. We broke below the triangle and are at the huge support price 70. Bulls need to step in big here or next stop is 67. If bulls come around big time and bears fail to keep it below 72, they could face a bear trap and another move back up inside the trading range. Big day tomorrow. current market cycle: trading range (descending triangle now) key levels: 70 - 73 bull case : Bulls are in do or die mode tomorrow. Fail at 70 and we will go 67 next. If they could generate strong buying, bears could fear a trap and exit longs. Most reasonable outlook is some sideways to up movement tomorrow. Bulls need anything above 72. Invalidation is below 70. bear case: Bears are now in full control of the market and they want to break below 70 and retest the December and January close/open prices around 67. Oil has not traded below 70 since June and there only for 2 days. Bears would need a big surprise again to break the 70 price. On the 1h chart there is a clean bear channel, which would go as high as 73.5 as of now. That channel is my preferred pattern for now. Invalidation is above 73. short term: Neutral. Expecting some sideways to up movement unless bears print a 15m bear bar below 70. Bears in control. medium-long term: T riangle is dead. 70 has to hold or we might be in a new bear trend to 60 or lower. Will update after this week. current swing trade: None trade of the day: Shorting the double top above 74. Had to get short latest below 73 when the 15m or 1h bear bar closed.
NYMEX:MCL1!
by priceactiontds
Data Week, attention to jobs gets special attention from the FedOANDA:XAUUSD fell about 1% as the USD and US Treasury bond yields increased sharply after US inflation data matched expectations over the weekend. However, as the Federal Reserve's interest rate cut policy in September and geopolitical tensions still pose many risks, gold still has a lot of potential fundamental support. Gold prices closed slightly lower last week but still maintained the 2,500 USD/ounce mark. This week, investors will receive US ISM data and non-farm payrolls reports, which are expected to cause major fluctuations in the gold market. The latest data released by the US Department of Commerce showed that the personal consumption expenditures (PCE) price index rose 0.2% last month, in line with economists' forecasts. Meanwhile, tensions in the Middle East have boosted safe-haven demand for gold. Signs of steady buying from central banks in emerging markets also supported prices. Also notable is data from the U.S. Commodity Futures Trading Commission (CFTC) showing that as of the week of August 27, speculative net long positions in COMEX gold futures contracts increased 69 lots to 236,818 lots. Next Tuesday, the US ISM Manufacturing Purchasing Managers' Index (PMI) for August will be a highlight in US economic data in the early days of the week. The market expects the overall PMI to rise to 47.8 from 46.8 in July. If the index is above 50, that could directly boost the US dollar and put pressure on gold in the short term. ADP employment changes and ISM services PMI data will also be released on Wednesday and Thursday, but the market reaction to these data is likely to be immediate and short-lived. A positive surprise data will support the USD and negative data pressure the USD ahead of the widely anticipated August jobs report next Friday. US nonfarm payrolls (NFP), due out next Friday, are expected to increase by 163,000 in August after a disappointing increase of 114,000 in July. The unemployment rate is expected to fall to 4.2 % from 4.3% and wage inflation, measured by changes in average hourly earnings, is expected to increase 0.3% from the previous month. NFP data next week will be the main focus, because during the Jackson Hole conference, Fed Chairman Jerome Powell and other members also focused a lot on employment data in the near future. It is expected that next week the market will have significant turbulence when NFP data will be the center of the big storm. Economic data to watch this week Tuesday: US ISM Manufacturing PMI Wednesday: Bank of Canada monetary policy meeting, US JOLTS vacancies Thursday: ADP employment data; US ISM services PMI, US weekly initial jobless claims Friday: US Nonfarm Payrolls (NFP) Data Analysis of technical prospects for OANDA:XAUUSD Although gold had a correction late last week, overall the daily chart of gold prices still shows a solid uptrend. With the price channel making an upward trend in the short term, as long as gold remains in the price channel and above the EMA21 moving average, it still has the potential to increase in price in the near future, with targets still being fixed at 2,531USD in the short term and more to the point of 2,544USD. Although the Relative Strength Index is pointing down, it has not yet reached the overbought level before turning down, and the slope is negligible, so this is not considered a signal of pressure and support. for this Indicator is noted at 50%. The fact that gold closed above 2,484 USD and the original price level of 2,500 USD shows a positive technical outlook, and the uptrend in the near future will be noticed again by the following price points. Support: 2,500 – 2,484USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2551 - 2549⚡️ ↠↠ Stoploss 2555 →Take Profit 1 2544 ↨ →Take Profit 2 2539 SELL XAUUSD PRICE 2512 - 2514⚡️ ↠↠ Stoploss 2517 →Take Profit 1 2505 ↨ →Take Profit 2 2495 BUY XAUUSD PRICE 2484 - 2486⚡️ ↠↠ Stoploss 2479 →Take Profit 1 2489 ↨ →Take Profit 2 2494 BUY XAUUSD PRICE 2470 - 2472⚡️ ↠↠ Stoploss 2467 →Take Profit 1 2475 ↨ →Take Profit 2 2494
OANDA:XAUUSD
by Xayah_trading
#202436 - priceactiontds - weekly update - gold futuresGood Evening and I hope you are well. tl;dr gold: Bulls confirmed the breakout with a strong monthly close above 2500. There are multiple nested wedges currently and I would not buy into the highs but rather wait for a pullback or a breakout above 2570. Last thing you should do right now is to look for shorts until bears come around big time. Last time bears even touched the weekly ema was end of February. Quote from last week: comment: Did we learn anything from a sideways week? We have a bullish pattern and a technical textbook pullback a bit above the ema. Bulls bought it and that is bullish. But only a break above 2570 is confirmation. Resistance is always that until it breaks, no matter how strong you think the trend is/looks/feels and this trend inside a 5 month trading range is not strong so far. Bulls are trying the breakout and the monthly close will be the most important for them. If they manage their first close above 2500, it would be a confirmation and buy signal going into September. What could be a potential target above? Since the trading range was mostly between 2300 - 2500ish, we can do a measured move up and that would bring us to the ballpark around 2700. comment: Weekly inside bar. I am not lazy but I do not see any value in making up more words to fill the page so you can stay busy longer reading this. Market is neutral around 2530. Bulls need a daily close above 2570 and bears one below 2500. That’s it. Structure is still bullish. We have a big bull wedge on the weekly/monthly chart, nested bull wedges on lower time frames and sort of a bull channel upwards. I very slightly favor the bears to test 2500 again but only because bears closed last week at the lows. Daily ema held for 3 weeks now and there is no reason why it should break now and we are only 10 points above it. current market cycle: Trading range for many months now and it’s probably coming to an end over the next weeks/months. Bulls are currently still trading above the previous highs, which is sort of confirmation of the breakout but I am not 100% convinced. Need a daily close above 2570 for that. key levels: 2400 - 2570 bull case: Bears not doing enough so bulls are happy to continue. They want 2600 next and have all arguments on their side as long as they stay above the daily ema at 2517. Invalidation is below 2500. bear case: Nothing changed for the bears. Either stop the bulls below 2570 or give up for 2600 and potentially 2700 over the next weeks. Bears need a 1h close below 2500 badly. That’s it. Exactly the same sentences as last week. Invalidation is above 2570. outlook last week: short term: Exactly the same as last week. Bears had a pullback and bulls bought it. Inherently bullish but only if bulls can break above 2570. → Last Sunday we traded 2546 and now we are at 2527. High of the week was 2564. 19 point miss over a week is as good as it gets. short term: Neutral. Clear invalidation levels for both sides. Set up alarms and be patient. medium-long term: Above 2570 I will update this. Until then we are in a trading range 2400-2570. current swing trade: None. chart update: Removed unnecessary lines and made the bullish structure more clear.
COMEX_MINI:MGC1!
by priceactiontds
#202436 - priceactiontds - weekly update - sp500 e-miniGood Evening and I hope you are well. tl;dr sp500: Current bullish leg looks more like a leg in a trading range than something of a new bull trend that breaks above the previous ath. It’s 50/50 if bulls can print a new ath or this stays a lower high. It’s too high to buy for anything but intraday and too early to short unless you short small and have a stop above 5800. It’s a bullish structure but you would be buying very high in a potential trading range. Bad R:R. Quote from last week: comment: Not much difference to dax, just that this market was a tat stronger even. Bulls almost reversed completely but 7 consecutive bull bars is as climactic as it gets. A pullback is due but that does not mean you can short it at 5578. Could go further since the obvious pain trade is up. comment : Are we that much smarter than last Sunday after past week’s price action? I don’t think so. Still a lower high. Bulls closed the month extremely bullish but we are at previous resistance. Can’t be anything but neutral. Clear invalidation prices though. Above 5670 it’s bullish for ath retest 5721 or higher high. Below 5550 bears can generate momentum and convince bulls this was just a climactic retest of the highs and we go down again. Bulls still do have better arguments than the bears as long as they stay above the daily ema at 5565. current market cycle: Bull trend inside bigger trading range. key levels: 5000-5700 bull case: Bulls need to break above 5670 if they want a new ath and it look’s very good after Friday. If they fail on Monday, I have my doubts that they can get it. Bulls are still clearly in control of the market or we would have been trading below the daily ema already. Will be interesting to see how many bears come around above 5700 and bulls taking profit, if we get there. Invalidation is below 5550. bear case: Bears see it as a big trading range and we are at the highs again. They start scaling into shorts above 5600. Same observation as last week. Until bears print consecutive daily bear bars or stronger 1h bars below 5650, bulls remain in control. If bears somehow manage to print a bigger engulfing bear bar on the daily chart, especially if it closes below 5600, that would probably be enough to make many more bulls exiting their longs. Interesting week ahead of us. Invalidation is above 5670. outlook last week: short term: Neutral af. Want to see a pullback and also how market reacts to 5600. → Last Sunday we traded 5652 and now we are at 5661. 9 points off. I do think that was a perfect outlook. short term: Neutral again. No interest in bigger buying above 5600. Will scalp long if bulls make it clear that they want a new ath but mostly looking for signs of bear strength over the next week. Bulls closed above 5660 so it’s a buy signal going into next week but my outlook has not changed. I wait for bears to come around and will only scalp longs. medium-long term: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024. current swing trade: None. chart update: Big ABC correction is pure speculation. Don’t bet on it. I do think the climactic bull rally is over and market is going sideways before the next bigger breakout. Only above 5750 can bulls dream about a breakout above the big bull wedge.
CME_MINI:MES1!
by priceactiontds
/NQ Bullish Looking at the 4 hr /NQ I see a very Bullish pattern regardless of the anticipated events. Technically speaking you can see that big Inverse Head & Shoulders and a falling wedge on the potential "right shoulder" which serves as more confirmation of the bullish incoming trend. My plan is to watch the market on Tuesday and see what happens at mkt open and get in on the dip and HOLD till the inverse head & shoulders fully forms. My Target prices are as listed on the chart. My ultimate goal with every bullish confirmation is to have 10 contracts before exiting the position. Let's see what happens?!
CME_MINI:NQ1!Long
by Gus-On
GOLD accumulates with an overall upward trendOANDA:XAUUSD decreased again, after yesterday's recovery and the market in general is still accumulating with an upward trend both fundamentally and technically. At the Asian session on August 30, as of the time this article was completed, gold was trading at about 2,513USD/oz, a decrease equivalent to more than 7 dollars on the day and about 0.31%. Investors are awaiting data on US PCE inflation, the Fed's preferred inflation measure. At 19:30 Hanoi time today (Friday), US personal consumption expenditure (PCE) price data for July will be published, which may provide further assessment of the pace of rate cuts in September, including the pace of the upcoming rate cut cycle. Surveys show the US PCE price index is expected to rise 0.2% monthly in July, after rising 0.1% in June. The US PCE price index is expected to increase at an annual rate of 2.6% in July, following a 2.5% increase in June. In terms of core data, the survey shows that the US core PCE price index in July is expected to increase 0.2% month-on-month, after increasing 0.2% in June; increased at an annual rate of 2.7%, compared with a 2.6% increase the previous month. As the Fed's preferred measure of inflation, year-over-year changes in the core PCE price index have a larger impact on policymakers. From a technical perspective, the technical structure has not changed throughout the past week and readers can review this week's most recent publications below. The target for the week remains unchanged for gold to surpass its all-time high of $2,531 and refresh its new all-time target of $2,544. During the day, the technical prospect of gold price increase will be noticed again by the following price levels. Support: 2,503 – 2,500 – 2,484USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2551 - 2549⚡️ ↠↠ Stoploss 2555 →Take Profit 1 2544 ↨ →Take Profit 2 2539 BUY XAUUSD PRICE 2482 - 2484⚡️ ↠↠ Stoploss 2478 →Take Profit 1 2489 ↨ →Take Profit 2 2494
OANDA:XAUUSD
by Xayah_trading
GC GOLD Buy BOXBeen a while since posting my thoughts here, I have been working on something that is GOLD. Supply and Demand can often be overlooked. Trading can often be over complicated. Back up and study the basics. Supply and demand characteristics of the market are the most rudimentary but often the best way to creaete a system that brings forth consistent gains. How many traders are actually profitable. Find a system that works for you it could start with a simple supply and demand type strategy. Here we have price reacted perfectly off of the supply zone, (Yes I took that short position from the top and have the screen shot to prove it just ask if you want to see it). Now will we enter a demand zone and reverse. My plan is to simply wait, I took my profits and now I just wait until my alerts are hit and my criteria is met to go the other direction. What will you do? Leave it in the comments I am happy to be back posting and look forward to more!
COMEX:GC1!Long
by Verum0