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Gold forms interim support around $1196 levelsGold prices rallied post higher lows formed at $1196.00 levels earlier. Please note that the metal found support at a convergence of fibonacci 0.618 and trend line support earlier. Furthermore, the subsequent rally has taken out interim resistance around $1212 levels, keeping bulls in control. The metal could retrace lower from here before resuming its potential rally towards $1250/70 levels, but dips would now remain above $1196.00 levels if the above structure should stay. Structurally, Wave C of the A-B-C counter trend rally, seems to be well in progress and prices are expected to exceed $1250/70 levels until $1196.00 and $1182.5 supports hold. We maintain our medium term bullish outlook against $1196.00 levels for now. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDLong
by FXTM
Dow Jones remains unchanged. Sell on rallies through 25600The story for Dow Jones remains unchanged for now with bears in control and printing yet another low around 24800 levels yesterday before pulling back. Looking at the wave structure, a potential wave (3) seems to be unfolding since 26300 levels last week. Within the larger wave (3), a lower degree wave 1 could have been complete at 24800 levels and a 3 wave counter trend rally might be unfolding as wave 2 (not labelled here). If the above wave structure holds true, wave 2 potential termination could be through 25600 levels going forward. Bottom line, any intraday rallies should remain well capped below 26300 levels if the above wave counts should remain valid. We maintain our medium term bearish outlook in Dow Jones against 26300 levels with potential targets below 23000. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
DJ:DJIShort
by FXTM
Dow Jones accelerates lower towards 25000.The Dow Jones seem to be in complete control of bears, since it carved a lower top around 26300 levels earlier. Please note that we had discussed this drop around those levels and that the previous rally could just be a bull trap. Looking at the wave structure, it is quite clear that Dow Jones had dropped in an impulse earlier between 26950 and 24100 levels respectively. Furthermore the drop was followed by a 3 wave corrective rally A-B-C towards 26300 levels. If this structure should hold, we would continue lower towards 23500 and further in the coming trading sessions. Also note that any intraday rallies should remain well capped below 26300 levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
DJ:DJIShort
by FXTM
Gold resumes higher. Bullish against $1182.50Finally, Gold bulls seem to be in control after producing a complex corrective drop since $1245 levels earlier. The yellow metal has managed to take out initial resistance at $1212 levels and print a higher high around $1215/16 levels as seen here on the charts. The metal is seen to be trading around $1209 levels at this point in writing and could continue printing higher highs and higher lows going forward. Looking at the wave structure, Wave C within the corrective A-B-C is under progress now, and till prices stay above $1182.50 levels, we could see through $1250/70 levels. We maintain our bullish stance against $1182.50 levels for now. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDLong
by FXTM
US Dollar Index potential top seen at 97.70The US Dollar Index might have formed a potential top around 97.70 levels earlier and might be looking to resume lower. It is too early to confirm the same at this point in time but a break below 95.65/70 levels would certainly be encouraging for bears, also a confirmation that trend has turned lower. Looking at the wave structure, a potential 5 waves impulse rally could be complete at 97.70 levels and that a 3 wave drop could resume soon. In case prices rally beyond 98.10/15 levels, the above structure would be void. An aggressive trading strategy could be to initiate shorts against 97.70 levels while a conservative strategy could be to remain flat and allow prices to break below 95.65/70. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXY
by FXTM
EURUSD potential bottom seen at 1.1216 ?The 4H chart for EURUSD is suggesting that the pair might have formed a meaningful bottom at 1.1216 levels. It has managed to push through 1.1350 levels and is seen to be trading around 1.1325 levels at this point in writing. It could be too early to confirm a bottom but a push through 1.1500 levels would certainly be encouraging for bulls and also a confirmation that a meaningful bottom is in place. Looking at the wave structure, a potential 5 waves drop might be complete at 1.1216 levels and a 3 wave corrective rally might be in the making. Only a sustainable drop below 1.1172 levels would void the above structure. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
by FXTM
US Dollar Index top formed at 97.70 yesterday?The US Dollar Index 4H chart view might be suggesting that 97.70 could be a meaningful top formed yesterday. Please note that the index could have unfolded into 5 waves from 97.70 levels, at a lower degree; and if it holds true, prices would ideally remain below 97.70 levels and push towards 95.70 levels going forward. Immediate price resistance could be seen at 97.70 while support is seen at 95.65 levels respectively. Also kindly note that if the proposed ending diagonal structure within (5) is correct, prices would stay below 98.10/15 levels. An aggressive trading strategy could be to short now, against 97.70 levels, while a more conservative trading strategy could be to remain flat until price break below 95.65 levels respectively. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXY
by FXTM
EURUSD might have produced an impulse at lower degree.The 4H chart for EURUSD has been displayed here to have a lower degree wave count. As discussed yesterday, if the proposed ending diagonal count for (5) th wave holds to be true, prices should ideally stay above 1.1172 levels going forward. Please also note that a lower degree wave count (1H) might have unfolded into an impulse from 1.1216 levels. If this holds to be true, any corrective drop now, should ideally hold above 1.1216 levels and bulls could be targeting 1.1500 levels which is immediate price resistance. As an alternate, if prices drops below 1.1172 levels, the proposed ending diagonal structure could be void and bears could remain further in control. An aggressive trading strategy could be to initiate longs now, against 1.1216 levels; while a more conservative strategy could be to stay aside until 1.1500 levels break. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
by FXTM
Gold bounces from convergence, looking higher nowThe $h chart view for Gold is suggesting that bulls might still remain in control, even though prices dropped as low as $1200 levels yesterday. Please note that the yellow metal is finding support around fibonacci 0.618 of the rally between $1182.00 through $1245.00 levels respectively. Furthermore, the counter trend support trend line is also seen to be passing close through the price lows. In terms of price action, an engulfing bullish candlestick pattern is also produced as seen here. Looking into the wave structure and the above convergence points, we could see prices rallying from current price levels through $1250 and further. It should be noted that the above scenario remains valid till prices remain above $1182.50 levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDLong
by FXTM
Dow Jones resumes wave (3) with potential below 23000!The Dow Jones reversed sharply yesterday and was almost 600 points lower at close (25389 levels. This drop did not come as a surprise to us and was anticipated last Thursday. 08 November, when prices reversed from sub 26300 levels, followed by an evening star reversal pattern on Friday. Looking and the wave structure, we maintain our bearish outlook as last week and continue to favor bears in complete control as price action unfolds. Immediate price resistance is seen at 26300 levels now, followed by 26950 respectively. A safe trading strategy could be to hold short positions and look to add further on intraday rallies, with risk/stop reduced to 26400 levels, and potential targets at 23000 levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
DJ:DJIShort
by FXTM
2
US Dollar hits 97.70. Potential bull trap?The daily chart view for US Dollar Index has been presented here with alternate wave counts since 88.30 through 97.70 levels respectively. It could be possible that 3rd of 3rd wave was an extension and that brings us to a possible wave (3) termination at 97.00 levels. Wave (4) potential termination point was 93.80 followed by wave (5), which probably ended into an ending diagonal structure, unfolding into 5 waves, labelled here. If the above wave structure holds to be true, prices should remain below 98.18 levels going forward. Furthermore, prices should break below 95.65 levels to confirm a top in place. We remain neutral for now and await for a bearish reversal signal from current levels to turn bearish again. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXY
by FXTM
2
EURUSD breaks 1.1300. Could be a bear trap?The EURUSD pair dropped below 1.1300 levels yesterday and print fresh lows around 1.1216 levels before recovering. The currency pair is seen to be trading around 1.1240 levels at this point in writing and needs to break above 1.1500 from here to regain the bullish momentum. Looking into the daily chart wave structure, we have considered an extended 3rd of 3rd wave and presented the counts here. In this case, wave (4) potentially terminated at 1.1820 levels and the (5) th wave potentially unfolded into an ending diagonal , subdividing into 5 waves. If the above representation of counts holds, prices should stay above 1.1172 levels, and produce a bullish reversal. We remain neutral for now and shall await a bullish reversal before changing stance again. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
by FXTM
1
US Dollar Index trades close to break out point at 97.20The US Dollar Index is seen to be threatening to break above 97.20 levels at this point in writing. Please note that a break above 97.20 could trigger bullish potential to higher levels but we shall remain neutral in that case. Until prices stay below 97.20 levels, it is favored to drop lower towards 94.70 levels at least. Intermediary price resistance is seen at 97.20 levels for now, while price support is at 94.80 levels respectively. A breakout on either side is expected soon, clearing further direction of the US Dollar Index. Structurally, after a 5 wave impulse rally from 88.30 through 97.20 levels , a 3 wave corrective drop is expected lower towards 93.80 at least. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXYShort
by FXTM
1
EURUSD trades close to a turning point around 1.1300The EURUSD comes further close to 1.1300 levels for now and is seen to be trading around 1.1311 levels at this point in writing. Most traders would want to turn bearish but we still remain long until prices stay broadly above 1.1300 levels going forward. A break below 1.1300 levels could trigger a potential sell off but we would remain flat and would wait for potential bullish reversal signals. until prices trade above 1.1300 levels, potential remains for a push through immediate resistance at 1.1620 levels going forward. Interim price support is seen at 1.1300 levels while strong price resistance is seen at 1.1620 levels respectively. Structurally, if a flat is unfolding, potential remains up to 1.1850 levels going forward. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Long
by FXTM
Gold completes correction around $1206 ?Gold prices dropped lower than expected and formed fresh higher lows at $1206 levels on Friday. The structure from $1245 levels until now, looks to be corrective and could be retracing its earlier rally between $1182.5 through $1245 levels respectively. Please also note that prices could find support here, since it is a convergence point of fibonacci 0.618 support, past resistance turned potential support around $1206/08 levels as seen on chart presented. A bullish reversal here could trigger prices pushing higher again towards $1250 levels and higher. On the alternate side, a break below the counter trend support trend line , could target $1182.00 levels. A safe trading strategy could be to hold longs with stop below $1182.00 and potential target around $1250.00 levels respectively. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDLong
by FXTM
1
Dow Jones lower top formed at 26300 levels ?The Dow Jones closed lower on Friday, around 26000 levels, after carving a potential lower top around 26300 levels earlier. Please also note that, prices reversed lower forming an evening star ( bearish ) candlestick pattern between fibonacci 0.618 and 0.786 resistance levels. Looking into the medium term wave structure, it looks like a 5 down (impulse), followed by 3 up (corrective A-B-C) until now. If this wave structure holds to be true, we could see an impulse drop unfolding into 5 waves, towards 23000 levels at least and further. Intermediary resistance is now seen around 26300 levels, followed by strong resistance at 26950 levels. We maintain our medium term bearish outlook for Dow Jones, against 26950 levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
DJ:DJIShort
by FXTM
2