Gold price trades with mild positive bias, upside potential seem
OANDA:XAUUSD Gold price trades with mild positive bias, upside potential seems limited
4 January 2024
•Gold price ticks higher and moves further away from over a one-week trough touched on Wednesday.
•An uptick in US bond yields acts as a tailwind for the USD and might cap any meaningful upside.
•Traders now look to the US ADP report for a fresh impetus ahead of the key NFP data on Friday.
Gold price (XAU/USD) dived to a one-and-half-week low on Wednesday in the wake of rising US Treasury bond yields and a stronger US Dollar. The US bond yields, however, started losing traction after minutes of the December 12-13 FOMC meeting reflected a consensus among policymakers that inflation is under control and the downside risks to the economy associated with an overly restrictive stance. This, along with a generally weaker tone around the equity markets, allowed the precious metal to attract some buyers near the $2,030 area and gain some follow-through traction during the Asian session on Thursday.
The minutes, however, did not provide any clues about the timing of when the Fed will start cutting interest rates. This comes on the back of Richmond Fed President Thomas Barkin's remarks that interest rate hikes remain on the table and act as a tailwind for the US bond yields, which should limit any meaningful downside for the Greenback and cap the Gold price. Meanwhile, traders are seeking more clarity on the Fed's policy outlook. Hence, the focus will remain glued to the release of the closely-watched US monthly employment details – popularly known as Nonfarm Payrolls (NFP) report on Friday.
In the meantime, Thursday's US economic docket, featuring the ADP report on private-sector employment and the usual Initial Jobless Claims, will be looked upon for short-term trading opportunities later during the early North American session. Nevertheless, doubts over the possibility of early interest rate cuts by the Fed might hold back traders from placing aggressive bullish bets around the non-yielding Gold price, warranting some caution before confirming that a one-week-old downtrend has run its course.
Daily Digest Market Movers: Gold price attracts some dip-buying, albeit lacks bullish conviction
•Bets that the Federal Reserve will cut rates in March, along with geopolitical tensions, help the Gold price to build on the overnight bounce from over a one-week low.
•The December FOMC meeting minutes revealed that members generally viewed the addition of 'any' to the statement as an indication that policy rates are likely near peak.
•Policymakers observed progress on inflation, though noted that circumstances might warrant keeping interest rates at the current level longer than they currently anticipate.
•Moreover, the minutes did not provide direct clues about the timing of when a series of interest rate cuts in 2024 might commence.
•Richmond Fed President Thomas Barkin on Wednesday expressed confidence that the economy is on its way to a soft landing and said that rate hikes remain on the table.
•The yield on the benchmark 10-year US government bond holds steady below 4.0%, which should act as a tailwind for the US Dollar and cap the non-yielding yellow metal.
•The Institute for Supply Management (ISM) said on Wednesday that the pace of decline in the US manufacturing sector slowed amid a modest rebound in production.
•The US ISM Manufacturing PMI improved to 47.4 last month from 46.7 in November, though remained in contraction territory for the 14th consecutive month.
•The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed that employment listings fell to 8.79 million in November – the lowest since March 2021.
•Traders now look to the US ADP report, which is expected to show that private-sector employers added 115K jobs in December as compared to the 103K in the previous month.
•The market focus, however, will remain glued to the official monthly employment details – popularly known as the Nonfarm Payrolls (NFP) report on Friday.
Technical Analysis: Gold price might now face resistance near the $2,048-2,050 horizontal zone
From a technical perspective, the overnight breakdown and acceptance below the $2,050-$2,048 resistance-turned-support favours bearish traders. That said, oscillators on the daily chart are still holding in the positive territory and warrant some caution. Hence, it will be prudent to wait for some follow-through selling below the overnight swing low, around the $2,030 area before positioning for any further depreciating move.
The Gold price might then accelerate the slide towards the 50-day Simple Moving Average (SMA), currently around the $2,012-2,011 area, en route to the $2,000 psychological mark. A sustained break below the latter might shift the near-term bias in favour of bearish traders.
On the flip side, momentum back above the $2,050 region now seems to confront stiff resistance near the $2,064-2,065 area. The next relevant hurdle is pegged near the $2,077 horizontal zone, which if cleared decisively should allow the Gold price to aim back towards reclaiming the $2,100 mark.
US Dollar price this week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Japanese Yen.
USD EUR GBP CAD AUD JPY NZD CHF
USD 1.16% 0.44% 0.66% 1.08% 1.64% 0.84% 0.91%
EUR -1.01% -0.55% -0.36% 0.08% 0.49% -0.17% -0.16%
GBP -0.46% 0.55% 0.22% 0.63% 1.27% 0.38% 0.38%
CAD -0.66% 0.33% -0.03% 0.41% 0.98% 0.16% 0.19%
AUD -1.09% -0.08% -0.63% -0.44% 0.38% -0.26% -0.22%
JPY -1.65% -0.44% -1.12% -0.79% -0.40% -0.65% -0.79%
NZD -0.83% 0.19% -0.38% -0.17% 0.27% 0.65% 0.03%
CHF -0.85% 0.17% -0.37% -0.17% 0.25% 0.78% 0.01%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Positive
ADBE - Rising Trend Channel [MID TERM]- ADBE is in a rising trend channel in the medium long term.
- ADBE is approaching's resistance at 390 , which may give a negative reaction.
- However, a break upwards through 390 will be a positive signal.
- ADBE is assessed as technically neutral for the medium long term.
*EP: Enter Price, SL: Support, TP: Take Profit, CL: Cut Loss, TF: Time Frame, RST: Resistance, RTS: Resistance to be Support LT TP: Long Term Target Price
*Chart Pattern:
DT - Double Top | BEARISH | RED
DB - Double Bottom | BULLISH | GREEN
HNS - Head & Shoulder | BEARISH | RED
REC - Rectangle | BLUE
iHNS - inverse head & Shoulder | BULLISH | GREEN
Verify it first and believe later.
WavePoint ❤️
$NNOX Receives FDA 510K, Next Big Catalyst?The stock that I like so much finally received FDA 510K on the Nanox.ARC X-ray system. As much as it been short-selled into the ground, I am still heavily invested in it, and I think many of the catalyst in terms of early market and tech validation have already passed. It may not be smooth sailing, but I am still interested in Nanox for the long term, and am still here. That said, none of this is financial or investment advice. Information provided is "as-is". Do your own due-diligence.
XLK- Rising Trend Channel [MID TERM]- XLK shows strong development within a rising trend channel in the medium long term.
- The stock has broken a resistance level in the short term and given a positive signal for the short-term trading range.
- XLK is testing resistance at 151.
- This could give a negative reaction, but an upward breakthrough of 151 means a positive signal.
- Volume tops and volume bottoms correspond badly with tops and bottoms in the price.
- This weakens the rising trend and could be an early signal of a coming trend break.
- RSI diverges negatively against the price, which indicates danger of a reaction downwards.
- Overall assessed as technically neutral for the medium long term.
*EP: Enter Price, SL: Support, TP: Take Profit, CL: Cut Loss, TF: Time Frame, RST: Resistance, RTS: Resistance to be Support LT TP: Long Term Target Price
*Chart Pattern:
DT - Double Top | BEARISH | RED
DB - Double Bottom | BULLISH | GREEN
HNS - Head & Shoulder | BEARISH | RED
REC - Rectangle | BLUE
iHNS - inverse head & Shoulder | BULLISH | GREEN
Verify it first and believe later.
WavePoint ❤️
QQQ - Rising Trend Channel [MID TERM]- QQQ has given a positive signal from the double bottom formation by a break up through the resistance at 294.
- Further rise to 327 or more is signaled.
- The stock is between support at 318 and resistance at 334.
- A definitive break through of one of these levels predicts the new direction.
- Volume has previously been low at price tops and high at price bottoms.
- Overall assessed as technically positive for the medium long term.
*EP: Enter Price, SL: Support, TP: Take Profit, CL: Cut Loss, TF: Time Frame, RST: Resistance, RTS: Resistance to be Support LT TP: Long Term Target Price
*Chart Pattern:
DT - Double Top | BEARISH | RED
DB - Double Bottom | BULLISH | GREEN
HNS - Head & Shoulder | BEARISH | RED
REC - Rectangle | BLUE
iHNS - inverse head & Shoulder | BULLISH | GREEN
Verify it first and believe later.
WavePoint ❤️
For Me MSFT Looks Bullish As It is Shown on the chart I think $MSFT is going to go up to reach 262$ in the Mid-term and to 280$ As a next target
Keep in mind that it has an earning forecast today ( and I think it will be positive ) as appears on the price action on the chart.
This is my Humble opinion
Please left a comment about What do you think
Tip toe around a Christmas Rally this yearSo here we are not to many deviations away from the last post on Hedged Equity funds being firmly in positive gamma territory.
Overall gamma for the S&P 500 options chain has been positive 15 straight trading days.
This indicates a 0.20% daily distribution along with a VIX that continues to compress into 2023.
However, there are indicators suggesting VIX is now oversold and may test higher ranges over the next month.
This would reflect a rug pull in December for JHEQX reset at the end of Dec.
There is only 1 man capable of such a rug pull.
Here are some economic event dates to prepare for.
Nov 30th Jerome Powell speech at 2pm
Dec 9th is PPI (before CPI may hint to next headline CPI)
Dec 13th is CPI
Dec 13/14 FOMC
us30 analysis (09 aug - 13 aug)similar to my nas100 analysis, us30 has been in an uptrend but on here the downward trendline has not been broken but my bias is still strongly bullish with the possibility of a bearish move
1. firstly i'll be waiting for a break and close above the trendline to go long
2. or a break below the previous higher low point to go short
3. but there's a correlation between nas100 and us30 so if i'll just wait and see and what happens
Crazy Times for Nasdaq what next?Good day great traders it is once more with my greatest delight to be serving you insights on Nasdaq today
Now what's been happening with this market
Weekly our trend still has been bearish since 27 Dec 2021
Again, we have recently approached the 13000-price level which has a weekly support that has 4 touches holding support since 8 March 2021 so it is a strong support area
On the daily we got a close below this support level Tuesday however we did engulf back into this 13000-price support level
What does this mean? we are likely starting to range after or great impulse down
H4 h1 they do not seem promising to be taking trades on them because we recognize lack of momentum
What is the verdict? Wait for the market to break below the 13000-level close successfully there then we should catch further retracements on lower timeframes why are we to sell? the higher timeframe still is bearish and till we maybe push above the 13600-level creating higher lows and new higher lows then have the weekly close above the price too then trends should continue up but for now I will be selling be sure to comment positively till we meet again God bless
Speak Life into what you want speaking on what we say to our self and what we speak aloud tune in to what you say and fine tune it to better you self and the world around you
challenge
today listen to what people say and find the negative words they say and write the sentence down and restructure the sentence to be a positive and that is spoken in a way that is moving forward.
Ripple Notches Another Legal VictoryThe latest development in the SEC v. Ripple case could be welcomed by the XRP Army as a positive sign.
The regulator had cited a similar case that it had brought against blockchain content platform LBRY. In the said case, a New Hampshire magistrate judge ruled on the pleadings on unconnected “selective enforcement” defense.
Ripple’s attorneys, however, argued that the SEC shouldn’t be allowed to boost its case against the firm’s fair notice defense by referencing “out of circuit” recently-decided cases. Ripple also indicated that LBRY pled a fair notice defense but the SEC didn’t move to strike it, and the omission of this in the proposed Sur-Sur-Reply is “remarkable”.
And fortunately for Ripple, Judge Analisa Torres has denied SEC’s request to file its Sur-Sur-Reply, in a conspicuous one-word order.
NKLA - Is a (dark) Phenix?If we look at the consequent lower maximum price for NASDAQ:NKLA , we can see that the trading pressure is lowering too: indeed, the time between each max-price and the following is increasing.
Usually, when this happens means that the traders are liquidating their positions and then not coming back. Considering all the scandals in which this company was involved in, that's quite reasonable.
--- BUT ---
Will they come back?
In my opinion, it depends on the next earnings:
EARNING +: If the company will provide proofs of good conduit, reaching the targets and being in line with their schedule, we can see a huge bounce up in the price of the company;
EARNING =: If it will release a just below the line results, essentially the bull-bear match will be rescheduled to the next earnings; in this case we will see a price ranging from recent max-min prices;
EARNING -: If it won't meet most of the targets, we will see falling the price probably under 4$.
However, I believe in the new management, so I prepend for the EARNING + exit; let's go!
Shib-usdt rough idea as volume slowly returnsShib-usdt rough idea as volume slowly returns and strange bot action lets up. Bots have been selling down to keep the price stagnant or declining, frustrating to watch.
Change coming, looking positive movement, but possible major dump. Decision time in the next 2-30 hours.
Good luck and dyo research for safety . Just an idea😊🎉
Tesla broke resistance and printing Sign of StrengthConfirming my long position here and waiting for a backup before I add more to my Tesla positions.
As expected price broke out of the resistance channel defined by the AR and the HH points printing SOS and LPS /BU in Phase D before the final markup in Phase E. Low volume and climbing price show that the institutions have taken hold of the price and are not selling until a much bigger markup. Good times ahead of Tesla stocks.
No financial advice, just my reading on the chart through the Wyckoff (re-)accumulation lens.
Who Is Driving BTC Price? MicroStrategy Based On Elliott WavesHello traders!
Today we want to show you how strongly MicroStrategy and Bitcoin are correlated, so it can be telling us who is driving the price of Bitcoin.
As you can see, charts are in tight positive correlation and looking at the wave structure of MicroStrategy from Elliott Wave perspective, seems like one more leg down is missing to complete a five-wave cycle within wave (C), therefore BTC may stay down or sideways for some time.
From psychological point of view, many new Crypto traders are buying dips now in fear, desire, and greed not to miss again, so in Crypto market is always dangerous when the price turns for 50% from the highs, so we have to be very smart and patient.
We actually believe that BTC is still trading in a correction, it's just a higher degree corrective phase which can be a bigger one and it may take some time to make traders insecure and impatient before bulls show up again.
Be humble and trade smart!
If you like our idea, then please like and share it.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Congratulations for all, you're the best!Like I've said some days ago, we are launching to the moon and beyond.
You're great, congratulations to all holders, you're the most beautiful and rude people.
Now, we have a mission.
All in this universe is energy; we are going to the moon, but we need attract more positiveness and good vibes too, that's the key to reach the triumph faster.
So, the following thing that ALL we do, is a vision board with our REEF charts.
Create charts with anything indicating the price will explode to Jupiter.
Talk to all your trading friends about REEF too, and share information on social media. This is a very recently project, so, people needs to know it; this will bring a faster growth.
All days give thanks to the universe and the nature for the great person you are, and feel your upcoming triumphs always, like if you have them in your hands, because yes, you already have them.
If your friend asks "What Is Reef (REEF)?" just say:
Reef is a DeFi platform built on Polkadot that aims to deliver cross-chain trading. A yield engine and a smart liquidity aggregator are among the project’s offerings.
Work began on the project in the second half of 2020. Those behind Reef argue that the process of trading, lending and staking crypto is currently fragmented — creating “a painful experience for all of its participants.”
Reef aggregates liquidity and provides automation. It also aims to address the drawbacks associated with existing trading platforms. While centralized exchanges are prone to security breaches, decentralized rivals can lack liquidity and are often difficult to use.
Who Are the Founders of Reef?
Reef was founded by Denko Mancheski. His motivation was to remove technical barriers to entry for retail investors who want to get involved with DeFi — and offer a straightforward decision-making process that takes a user’s appetite for risk into account.
Mancheski wanted to help crypto newcomers overcome the complexities associated with using order books, and enable them to learn how different protocols work with ease.
Born in Macedonia, Mancheski said that his passion for fintech led to him being introduced to blockchain technology. He has described forming a competent team as the biggest challenge associated with bringing Reef to life.
When asked about the personal attributes that will help him become a successful entrepreneur, he added: “I have a very addictive personality — I just can’t stop doing something until I get to the imaginary goal that I set for myself.”
Mancheski previously worked as a chief technology officer for Adel , a global crypto community that serves as a “technology incubator for blockchain innovation.” He was also appointed as CTO for Viewly, a social video platform without advertisements.
What Makes Reef Unique?
Reef is geared towards newcomers, as well as current DeFi users who find it difficult to keep up with the best investment strategies. The company also wants to tackle the high gas fees that are seen on the Ethereum blockchain, which some claim renders DeFi protocols “unusable.”
When it comes to Reef’s unique attributes, one is linked to how any DeFi protocol can integrate into its operating system. Users can enter and exit into their chosen positions in a single click — and removes some of the hassle associated with managing liquidity pool tokens.
Because of how it has been built on Polkadot, Reef is able to support DeFi protocols on Avalanche, Moonbeam and Plasma, as well as on Ethereum and the Binance Smart Chain. As a result, Reef users have access to a broader number of platforms without requiring multiple accounts and a myriad of usernames and passwords that can be difficult to keep track of.
So, dear friend, think positive, you're a succesful person, money comes easily and fastly to you.
Long on $SMART EntryCurrently, I believe that Smartcash does have the potential of the next leg/wave up in regards to a positive retracement. Pattern is there, and w/ the current support levels in regards to the crypto market in general, I don't see a reason why the pattern would change. That said, please invest at your own risk and do your own due diligence. Everything I say is on an opinion based basis.