Gold Price Analysis November 18Fundamental Analysis
Gold extended its recovery to test $2,600 amid rising Russia-Ukraine tensions, ending a six-day losing streak. The latest gold rally could be due to rising Russia-Ukraine geopolitical tensions after the United States authorized Ukraine to use long-range US weapons to attack Russia.
The greenback’s rally following Donald Trump’s election victory could put some selling pressure on USD-denominated gold. Expectations of higher inflation next year due to Donald Trump’s policies have led to fewer expected rate cuts.
In addition, traders have reduced expectations of lower interest rates in December after Fed Chairman Jerome Powell said the US central bank would not rush to cut, citing “remarkable” economic performance. Higher interest rates tend to drag gold prices lower, as it makes holding non-yielding assets like gold less attractive.
Technical analysis.
Gold prices have reacted at the EMA 34 zone, which is also an important dynamic resistance zone in the Asian session. The price zone of special note today is 2617-2615 at the upper boundary and the Asian session breakout support zone this morning is around 2575. The possibility of an uptrend and the formation of wave 3 has also been established according to the technical chart, so BUY signals will be prioritized today.
Priceactiontrading
EURJPY: Bearish Move From Resistance 🇪🇺🇯🇵
EURJPY looks bearish after a test of a strong horizontal resistance.
First, the pair started to consolidate within a range.
Then, its support was broken with a high momentum bearish candle.
With a high probability, the price will drop lower now.
Goal - 164.26
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EURNZD: Bullish Move From Support Confirmed 🇪🇺🇳🇿
EURNZD nicely reacted to a daily horizontal support.
First, the price started to consolidate within a narrow range
after its test.
Then a bullish movement initiated and the price violated both
the resistance of the range and the upper boundary of the falling wedge pattern.
We can expect more growth.
Goal - 1.7964
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PALANTIR ON AN INCREDIBLE BULLRUN ! BUT...
But be careful—this does not justify the price at all. Although Palantir has very solid numbers in its balance sheet, this does not justify a valuation at such an overvalued price could be very dangerous !
We must consider that markets in general are bullish, and the results of the latest report recently showed that it remains a very solid company in terms of sales. However, its earnings numbers are average—they meet analysts’ expectations, but by a very narrow margin. Historically, this has been the case in past reports as well.
Now, let’s get back to the technical analysis of Palantir.
After its report, it managed to break through that institutional zone that marked its peak 3 years ago (2021). After bouncing off the imbalance for a second time, Palantir showed a lot of strength and reached new highs.
From here on, we just need to wait for a pullback soon to start analyzing a possible support level.
Right now, Palantir is in no man’s land, which makes it a bit difficult to predict its next move. The only thing we can do here is to follow its movement candle by candle, staying alert to wicks and immediate zones where it might pull back.
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Hey SPYLOVERS ! Enjoy the Bull Ride !!!! Election Week and Interest Rate Cuts Did Not Disappoint Us at All
The truth is, it was a very difficult week to predict price movements. However, out of the two possible scenarios I shared last week, Scenario #1 was the winner, and it was the one I had the most confidence in!
At this moment, the price is in "no man's land," meaning there is no historical price data on the chart where we can find a level for the price to hold or replicate its movement. In this case, I believe that, from here on, the price will move based on upcoming economic news or as we approach the date when President-elect Donald Trump will officially become the President of the United States (POTUS).
Let's enjoy this bull run that is happening—these are important times for the country, and we need to take advantage of those swings!
Best regards, and thank you for supporting my analysis. See you next week!
EURAUD: Bearish Setup Explained 🇪🇺 🇦🇺
EURAUD leaves multiple bearish clues after a test of a key daily resistance.
The price violated a support line of a rising wedge pattern
and formed a double top on an hourly.
With a high probability, we will see a retracement to 1.642525
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CHFJPY: Pullback Trade From Support 🇨🇭🇯🇵
CHFJPY has a nice potential to pull back from a key daily support.
As a confirmation, I see a bullish breakout of a resistance line
of a falling parallel channel after its test.
With a high probability, the price will reach 175.9 level.
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NZDUSD: Bearish Rally Continues 🇳🇿🇺🇸
NZDUSD may keep falling after a release of US fundamentals.
As a confirmation, I see a breakout of a support line of a bearish
flag pattern after a test of a key resistance level.
The price will most likely reach 0.6 level soon.
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USDCHF: Growth Continues 🇺🇸🇨🇭
Earlier, I have already predicted a bullish movement on USDCHF.
I see one more bullish confirmation this morning.
The price successfully violated a resistance line of
a horizontal parallel channel on a 4H time frame.
The next goal for buyers - 0.87 psychological resistance.
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EURCHF: Classic Day Trade From Trend Line 🇪🇺🇨🇭
EURCHF may drop from after a test of a falling trend line on a 4H.
Testing that, the price started to consolidate within a narrow range.
Last candle clearly reflects a local strong bearish momentum.
The pair may continue falling at least to 0.973 support.
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NASDAQ INDEX (US100): More Growth is Coming Next Week
US100 nicely respected a recently broken horizontal structure resistance.
The price formed an inverted head and shoulders pattern on that and bounced.
I think that the Index will continue growing next week.
Next resistance - 20460
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USDCHF: Bullish Trend Continues 🇺🇸🇨🇭
USDCHF is currently trading in a strong bullish trend.
After setting a new high, the market started to consolidate
within a narrow parallel channel on a 4H.
Its resistance violation signifies a continuation of an up movement.
I expect growth to 0.8693
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EURNZD: Overbought Market & Correctional Movement 🇪🇺🇳🇿
EURNZD looks overbought after a test of a key daily resistance.
The price violated a support line of a rising parallel channel
and a neckline of a head & shoulders pattern on a 4h time frame.
With a high probability, the market will keep falling at least to 1.788
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GBPAUD: One More Pullback Trade 🇬🇧🇦🇺
I see one more, potentially profitable pullback trade on GBPAUD.
The price formed a double top pattern on a key daily/intraday resistance
and successfully violated its neckline.
We see its retest at the moment.
The pair may retrace to 1.926 level.
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NVDA price bounced exactly at the green zone, around 115.25. WOWThe price bounced exactly at the green zone, around 115.25. WOW, do you remember my analysis of Nvidia from last week? I can't even believe it myself; it was incredibly accurate!
Every time I apply price behavior with price action, I always remember the words of my mentor, Al Brooks. He told me: "Just remember, Mike, price action is ALWAYS RIGHT."
I believe that it's the trader who makes mistakes, not the price action, because it will always be on the correct side.
That’s why I always recommend drawing trend lines, channels, and minimizing the use of indicators that might make you see something different. This way, you'll be more accurate in your decision when executing an order.
Going back to Nvidia...
There’s something about the last candle that has me a bit uneasy. This can be very misleading because the price HASN’T BROKEN THE CHANNEL YET! The advantage we have here is that the last candle shows a buying pressure wick, but it hasn’t fully broken out of the channel or shown volume yet. However, I still believe that Nvidia will likely break out at any moment because it bounced off my green zone, as we said in the previous analysis (well before), and it didn’t even reach the #4 sequence, which would have been at the channel’s support.
Now, we just need to wait for a breakout confirmation. But what will happen after it breaks out?
We’re looking for an N3 pattern.
An N3 pattern involves three movements:
#1 Breakout and New High
#2 Pullback and Rebound
#3 New Extreme
That simple.
Will it happen? No one knows for sure. The next step is the breakout, and after that, we let the price do what it needs to do so we can position ourselves for the next move.
Stay very alert this week!
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