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$XAU: Bearish for Gold UpcomingXAUUSD (fka Gold) has approached the Daily Supply Zone once again after multiple failed attempts to break. This time might be difference……not in a good way. Let’s dive in: Gold has been on an upswing from the Demand Zone in early November The uptrend has slowed once hitting the Supply Zone nearing the ever popular $1800 price point. Bearish Divergence has entered the picture with RSI downward while price action has shown upward movement. There has not been a massive rejection yet from the Supply Zone. My thoughts are at the least XAUUSD will be rejected again with a nice leg down from Supply heading to the 200 EMA (blue line), below $1800 and MAY bounce. But with current economic macro conditions uncertain, the bounce is a 50/50 shot. Price point area around $1775 is a decent landing spot where Resistance and Support have interchanged and placed my Take Profit before that to be safe. Not financial advice. Hotep & Build (Wealth)
OANDA:XAUUSDShort
by CryptoHotep
$SPX: S&P looking a lil' dumpyWith recent news on the FED’s outlook of an “official” recession along with potential ADDITIONAL rate hikes into the new year, the SPX (S&P 500) looks to go a little lower with more pain to come. What I’ve noticed: Long term overall down trend has stayed in tact Short term up trend has been broken (blue arrow) Fresh supply zone marked with candles closing below it Nearest landing of substantiality is near 3762 – 3753 What I am predicting will happen is a retest of the supply zone for a potential bull trap and a quick rejection down. I am looking for a SELL trade once the SPX has re-entered my supply zone with a take profit before the said landing area of 3762 – 3753 Not financial advice. Hotep & Build (wealth)
FOREXCOM:SPX500Short
by CryptoHotep
2
$USDJPY | Lower Lows ContinueEver since the Yen topped at 152.00, the downfall has continued in a synchronized fashion of lower lows and lower highs succinctly. Will this continue? Here in the chart a couple things to notice: - A continuous downtrend - Massive sell pressure arrived in 136.600 - 137.00 area making the Supply Area - This is the first time $USDJPY has tested this area on the upside - 200 EMA slowly rising - RSI is nearing extreme oversold levels I think a short here with a 1.5:1 Risk to Reward would be justified as long as you began this short position in the Supply Area. From there you can target nearest support for safety and if you are feeling risky targeting the Demand Zone before the buyers stepped in. Not financial advice. Hotep & Build (Wealth).
Short
by CryptoHotep
1