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Rlinda

GBPAUD → Retest of the support tandem (MA-200 and trend support)GBPAUD made a false break of the upward channel resistance last week. After consolidation under the line in the area of 1.913 the currency pair forms correction to trend support. The local distributive decline is directed to the support at 1.87738 (to the support area), on the background of the uptrend and strong decline we should expect a false breakdown or a rebound from the lower boundary of the trend. Because the local and global trends coincide, our scenario at the moment is only one - growth. MA-50 has been broken and plays the role of resistance at the moment MA-200 is a strong support and coincides with the lower boundary of the uptrend channel, strengthening this area. Strong resistance: 1.886, 1.89325 Strong support: the lower boundary of the upside channel, 1.87738 I expect a bullish reaction after the retest of the support area. I think there is a high probability to see a rebound to 1.89325 and further growth to 1.9035 Regards R.Linda!
Long
by RLinda
17
GOLD → Price prepares to fall amid DXY strengtheningGold by the end of Friday, amid the publication of ADP & NFP data sells off all the growth. The strong dollar is bad for the price of the metal. The close of the daily candlestick on Friday gives us a signal that the fall is likely to continue. On the chart we see the formation of a global uptrend channel. A correction to the support area of the trend is forming within the bullish trend. On Thursday the price forms a false break of the strong level 1981.566, which was formed in April 2022. The bulls could not break through the mentioned zone, though at the same time the local timeframe showed bullish signals. A large paranormal candlestick pattern is forming, with the close at the very low with no shadow from the bulls, which, based on the analysis, has no strength for resistance at this point. In terms of technical analysis, Friday's close indicates that we will see a continuation of the price decline next week. The price closes below the 1952 level, at 1941.100, opening the way for a decline to 1935. Fundamental review Monday, June 5, 2023 The Services PMI is published monthly by Markit Economics. The data is based on surveys of more than 400 private-sector service sector executives. The surveys cover transportation and communications, financial intermediaries, business and personal services, computing and IT, hotels and restaurants. The ISM Non-Manufacturing PMI business report, a composite index calculated as an indicator of overall economic health for the non-manufacturing sector -- overall, analysts expect the index to improve. Tuesday, June 6, 2023. The Short-Term Energy Outlook (STEO) provides the U.S. Energy Information Administration (EIA) with a near-term outlook for energy markets. Each month, STEO provides forecasts of consumption, supply, trade, and prices for major fuels through the end of the next calendar year. STEO also provides in-depth market analysis of crude oil, petroleum products and natural gas. While the focus is on U.S. energy markets, STEO also includes forecasts for several international liquid fuel markets. Wednesday, June 7, 2023 Energy Information Administration (EIA) crude oil inventory data reflect the weekly change in the number of barrels of crude oil stored in U.S. company warehouses. The level of inventories affects the price of oil products, which may have an impact on inflation - the previous period gave an oprcital data. Analysts are not expecting major changes Thursday, June 8, 2023. Initial jobless claims are the number of people who applied for unemployment benefits for the first time last week. It is the earliest U.S. economic data, but its impact on the market varies from week to week - the previous period gave an oscillating reading. Analysts do not expect any strong changes Overall, the fundamental backdrop for the coming week is relatively stable. We do not expect any dramatic announcements which will dramatically change the situation. But we should not forget about the unpredictable nuances. From the point of view of technical analysis I expect the continuation of price decrease to the area 1935-1920. The support zone of the global raid can be tested in the medium term. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
17
GOLD → SMA show a bullish signal before NFPGold forms a smooth transition from the downtrend to the 1984-1954 consolidation. We see an attempt of downtrend change, but will it be confirmed after the NFP? Yesterday the price made the retest of 1984 resistance, but at the same time we did not see the fall after the false break-down of the resistance. There is a consolidation near the resistance between 1984 and 1973. Another retest to the resistance might break it. Yesterday the preliminary ADP report was released, which showed the positive dynamics for the USD, but the gold went up anyway. I suppose that there is a chance that the NFP might show some growth, in which case the USD should get stronger, but at the same time the index is having a hard time. Still, there is a chance that the gold might get stronger. Reminder: Average Hourly Earnings - analysts expect data may be worse than last period Nonfarm Payrolls - analysts expect the data to be bearish for the dollar. Unemployment Rate - analysts expect worse data for the dollar The moving averages act as a strong support. We see the MA crossing, which is a strong bullish signal. Strong support: 1973.74 Strong resistance: 1984.325 I expect the gold will try to break the resistance, because the interest in the market is increasing with the lower values. But today is the NFP, remember the rules of trading before the news. Be careful! Sincerely R. Linda!
OANDA:XAUUSD
by RLinda
19
USDCHF → Retest of trend support. The market is waiting for NFPUSDCHF is in an upward price channel. Within the up-trend, the price updates the maximum to 0.91475 and forms a technical pullback to the support of the uptrend. Important news are published today . What to expect from the price? The currency pair is approaching the support at 0.90291 and the lower boundary of the uptrend. From the point of view of technical analysis we should expect the continuation of growth from the support. But NFP & UR are published today. Against the background of yesterday's preliminary data, when the ADP showed a bullish performance, there is a possibility that the NFP might also show good dynamics for the USD. In this case the currency pair will strengthen, but based on expectations: Average Hourly Earnings - analysts expect data may be worse than last period Nonfarm Payrolls - analysts expect the data to be bearish for the dollar. Unemployment Rate - analysts expect worse data for the dollar The market is waiting for the dollar to weaken and if so, the currency pair may break its trend support. Strong support: 0.90291, 0.89964, uptrend channel support Strong resistance: 0.90736, 0.91475. From the point of view of technical analysis we should expect growth in price, but as strong news are expected today, we have to be careful and try to close some trades or take the stop-losses 20-15 minutes before the news. Regards R. Linda!
by RLinda
5
GOLD →The price before the news gives signals for a trend changeGold is trying to change the trend. The price updates the local maximum to 1974 and rolls back to the previously broken border. In the near future, MA-200 and MA-50 (sentinels) may send a strong signal. Pay attention to the fact that there is a false breakdown of strong support, followed by a breakout of the resistance of the ascending channel and a signal from the moving averages is formed. We observe at least three prerequisites for the fact that the trend may change in the near future. (This situation is developing from the point of view of technical analysis) From the point of view of fundamental analysis: ADP Nonfarm Employment Change - analysts expect a significant deterioration in the numbers. Initial Jobless Claims - analysts expect an improvement ISM Manufacturing PMI - analysts expect that the data will either not change or will be worse In general, from a fundamental point of view, the dollar may weaken and thereby push the price of gold up. Moving averages occupy a neutral position. Strong support: 1954, previously broken channel boundary Strong resistance: 1962, 1973 I expect that against the background of the fundamental news today, if the data is confirmed, the dollar may weaken, and gold will rise in price. It is likely that in such a scenario, the price of gold may reach 1984 and even 2000 Sincerely, R. Linda!
OANDA:XAUUSDLong
by RLinda
48
LTCUSD → Breakthrough of two-year resistanceLTCUSDT forms a resistance breakout after a small false breakout. The coin does not fall much after FB, forms a retest and breaks the line. Bulls are trying to take control of the situation and so far everything is working out successfully. A strong support line of 91.23 is being formed. If the bulls can hold this area, then Litecoin will show us an excellent growth towards the resistance of the ascending channel. The fundamental component for LTC is quite good, the network is constantly being updated and activity has been increasing in this network lately. A global triangle is forming on the chart, the price tends to test the resistance of the set-up. A slight pullback is possible, but in the medium term I expect a breakthrough of the upper limit. Moving averages act as support. Strong support: 91.23, previously broken resistance line and 83.66 Strong resistance: 95.00, 102.53 I expect the growth to continue after the resistance is broken. LTC in the market feels a certain confidence that can allow the price to get stronger. Sincerely, R. Linda!
Long
by RLinda
11
GOLD → Consolidation and resistance retest after the rally Gold rallies to trend resistance on Tuesday and forms a consolidation near 1962, which might take many traders by surprise. What to expect from the price in the near future? After the false breakdown of the trend resistance, the price forms a retest, on which the further development of the situation depends. The trend resistance is holding the price for a long time, in our situation there are two situations, and only the price reaction on the resistance line will give us the prerequisites for further actions: 1) or after the false break-up the bears do not allow to break the resistance, in which case the price will retest 1949 and continue to fall after the break level. 2) Or break the resistance of the trend and continue to 1984. Strong resistance: the upper limit of the channel, the level of 1962 Strong support: 1954, 1949. I expect that against the background of weak fundamental data for the dollar, gold will be able to break the resistance and to start the next stage of recovery. Sincerely R. Linda!
OANDA:XAUUSD
by RLinda
27
EURJPY → False breakthrough and the H&S reversal setupEURJPY after another resistance retest forms a false-break and on the local timeframe the currency pair draws a pair of H&S. What should we expect from the price? On the 1H timeframe the price forms the pattern "Head & Shoulders", which is a precondition for the possible decline. The price is falling and testing the support of 148.864, which is a strong zone. Most likely, a pullback to the base area of H&S will follow. I assume that after a technical pullback to 149.75 - 150.00, the price may continue its fall to 148.86, then to 147.800, as there is a huge pool of liquidity below these levels, which may be of interest to the market maker. Strong resistance: 150.00, 150.500, channel resistance Strong support: 148.864 I expect a rebound from the support for a possible retest of the base of the reversal pattern, from which I will further expect a decline. Regards R. Linda!
Short
by RLinda
17
GOLD → The market is buying back the fall. Positive fundamentalsGold forms a surge on Monday based on US government debt information. From the opening session and after the US and UK weekend, the price makes a false break of a strong support area, after which the market began to buy the fall. The price is testing the support of 1939 and 1935 in a false breakdown format. After capturing the liquidity, the market is quite active and strong to buy back the decline. At the moment the price is testing the 1955 area. This week might be quite bullish from a fundamental analysis point of view. On Monday, the House Rules Committee said it would meet Tuesday afternoon to discuss the debt ceiling bill, which must be approved by June 5. This comes after the U.S. president and the speaker of the House on Sunday signed an agreement to temporarily freeze the debt ceiling and limit some federal spending, aimed at preventing a default on the U.S. debt. WHAT caused the market to entrain volatility in the dead market on Monday. The price returns to a sideways range of 1949 -1984. A break of the descending channel resistance might cause the local trend and correction to be halted and the price will start an active strengthening towards 1984, 2000 and 2025. Strong support: 1949, 1939, MA-50 Strong resistance: MA-200, 1957, trend resistance I think that in the middle term the gold will manage to break through the trend resistance and renew the growth, because the dollar is having hard times, and the gold is still a good hedging instrument. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
44
GOLD → Price in a triangle, but low volatility expected Gold from the opening confirms the Triangle pattern on the chart, but most likely because of the low volatility on Monday there will be no paranormal phenomena in the gold market. I do not expect big realizations due to the weak volatility in the market due to the Memorial Day in the US and the bank holiday in the UK. In terms of fundamentals (we dealt with this issue in Sunday's gold market review), the upcoming week could resolve many questions. Technically, the gold is in a 1949 - 1939 range. A break-up of one of the triangle edges will make a strong move either to the channel resistance or to the channel support. Since the trend is bearish, we might expect a retest to the support, but the fundamentals might strengthen the gold this week. Strong support: lower boundary of the triangle, 1939, 1935 Strong resistance: triangle resistance, 1949, 1952 It's hard to say what the future direction will be, as the data is moot right now. I will be guided by the realization of the Triangle pattern and wait for a breakout of one of the boundaries. Regards R. Linda!
OANDA:XAUUSD
by RLinda
33
GOLD → Support Retest. Bad fundamentals for $Gold is in an upward bullish channel. The price has been confirming the upward resistance line and the upward support line many times. The futures are approaching the support area of the channel. What to expect from the price? Gold is consolidating between the key Fibonacci levels of 0.382 and 0.5. The price breaks one of the key support levels and tests 0.5 Fibo at 1935.843. The price starts to form a rebound and most likely from the opening of the session will test the nearest resistance. Fundamental factors in the new week may play the role of a bullish lever. In that case the price may not reach the support area of the rising channel and starts to strengthen. After breaking through 1966 and consolidating above that level, the bulls might strengthen the price to 1981 and then to 2000. But the fundamental factors are unpredictable, so there is a chance of the price bounce from 1966 and continue falling to the level of 0.618 Fibo 1904 (ascending support line). May 30, 2023 Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism - Analysts expect decrease May 31, 2023 JOLTs Job Openings - A survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers about their businesses' employment, job openings, recruitment, hires and separations - Analysts expect to see a strengthening June 1, 2023. The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government's non-farm payroll report. The change in this indicator can be very volatile - analysts expect a significant deterioration in the numbers. Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week - analysts expect an improvement The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply managers in over 400 industrial companies. June 2, 2023 Average Hourly Earnings measures the change in the price businesses pay for labor, not including the agricultural sector - Analysts expect it to get worse Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity - Analysts expect significant deterioration The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month - Analysts expect the indicator to deteriorate. All in all - the fundamental factors, provided the expected data proves to be true, may influence the dollar rather negatively in the coming week and we could see the index decline. At that time this maneuver will be a positive sign for gold and the price of metal may strengthen. Regards R. Linda!
OANDA:XAUUSD
by RLinda
29
GOLD → A reversal set-up and retest 1954. Ahead of the news Gold breaks support 1954. Exactly what we've been preparing for for days is happening. The price updates the low to 1936. As the session opens on Friday, the market is buying back the drop. What should we expect from the price on Friday? The important news will be published today, which will give us the insight about the inflation and about the further actions and the mood of the US Federal Reserve. Technical analysis: We see a breakdown of the support of the 1954 range and a decline in the price to the level of 1936 within the downtrend. On Friday, after the opening of the session, the price forms a retest of the previously broken line and at the moment the price is in the risk zone. If the consolidation near the level continues, all attention will be on the news. Negative news for the dollar will push the price of gold and it could break the nearest resistance. If the news is positive for the dollar, then gold will go down to 1936 and even 1920. On the monthly timeframe (the chart below left), we see a false-break and the beginning of a correction. A bearish candlestick is formed after the formation of a pin bar. A strong set-up for a reversal. In the U.S., the core PCE index, the Fed's preferred measure of inflation, will be released. April PCE inflation is expected to be unchanged month-over-month at 0.3%. Analysts are eyeballing a 4.6% year-over-year increase, while the Fed is looking to bring that figure below its target of 2%. U.S. Core Durable Goods Orders MoM - Analysts expect the index to decline, which could have a negative impact on the dollar The Core Personal Consumption Expenditure (PCE) - It is a key way to measure changes in purchasing trends and inflation - analysts believe the index will remain unchanged Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
18
GOLD → Retest of support within the downtrend Gold confirms the fact that it is in the 1984 - 1954 range. The price within the descending price channel falls from the resistance and makes another retest of the 1954 support. The daily candlestick is closing near the support, which might indicate that the market is preparing for the retest of the support. If the attempt is successful, then we might see the market decline to 1935. The news are not very good for gold, and the dollar keeps strengthening. The moving averages are acting as resistance and the price might try to test the resistance of MA-50, before the major decline. Pay attention to the chart on the left below. This is the D1. The price is forming a consolidation near support - preparing for a possible decline. Strong resistance: 1964, 1967. Strong support: 1954.64, 1949, 1944. I expect a retest of the support in the near future. At the moment the possibility of breakthrough of support with the subsequent decrease to 1949, 1944 and 1935 is quite high. Sincerely R.Linda!
OANDA:XAUUSDShort
by RLinda
28
GOLD → Range boundary confirmation. FOMC...Gold is strengthening to the 1980 level, but it is still within the downward channel and in the boundaries of the sideways range. Today, the Federal Open Market Committee will release the minutes of the central bank meeting three weeks ago. The price is still under bearish market pressure. Today, on the news the price might test the resistance of the channel and try to break it. There were hints of more positive Fed policies towards the end of the previous week and if there are more neutral or positive news for the gold market today and Friday, the metal might break the resistance and start rising to 2000 and then to 2025. From the technical analysis point of view, I might expect the price to fall from the upper boundary of the channel or from the upper boundary of the side range, because those boundaries are strong enough. 50-hour moving average acts as support 200-hour moving average acts as resistance. The Federal Open Market Committee will release today the minutes of the central bank's meeting three weeks ago. Investors expect the Fed to hint at the timing of a rate hike and that the Fed will hold rates higher for longer. Markets may not take action after the report is released: that would happen if the reports have no or few specific details that were not known immediately after the meeting. The really important thing is the timing of the interest rate change. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
40
WAVESUSDT → The price comes out of the wedge. Expect impulseWAVESUSDT makes a retest of the strong support area of 1.500 and breaks the resistance of the descending wedge. This set-up, if positive, could strongly reverse the market. The price tests the liquidity of the support area and forms a rebound from the 1.500 level. In phase two, the price breaks the wedge resistance and is in a consolidation format. A local resistance of 1.669 is forming on the junior timeframe. If the bulls can overcome this resistance zone, an impulse may form, which will only push the price after exiting the wedge. The moving averages act as resistance. The price might soon test the MA-50. Strong support: the descending boundary of the wedge, level 1.500 Strong resistance: 1.669, 1.800, 2.350 I expect consolidation above the level of 1.500 and breakout of 1.669 with further growth of the price to 2.350, then to 5.000 Sincerely R. Linda!
WLong
by RLinda
20
GOLD → Support retest 1954-1949. Rebound or breakout? The gold made a false-break of the strong resistance and went back to the support area of 1950 for a retest. What to expect from the price? The price is unable to pass the 1981 liquidity area and we see a decline after the false breakout of the line (orange descending line) The retest of support 1954, formed on Thursday, is forming. From the level of support a small pullback is possible, after which it is worth watching the price reaction. If consolidation starts to form near the level of 1954 or below this level, further breakdown and decline in price to the following strong liquidity areas is possible: 1949, 1944 and even support of the descending channel. The moving averages on the 1-hour timeframe act as resistance. Strong resistance: 1964, descending resistance line Strong support: 1954, 1949, 1944. I expect the retest of the support area 1954-1949, which might be followed by a pullback, which will determine the further price formation. Breakout of the resistance will make the price strengthen, but the retest of the support area will trigger a breakout and further downside! Regards to R.Linda!
OANDA:XAUUSDShort
by RLinda
27
FLOWUSDT → Breakthrough of the wedge resistanceFLOWUSDT forms the bottom in the area of 0.742. After numerous attempts to break the trend resistance, the price breaks it. A consolidation is forming, which could push the price up. The level of 0.742 is a key support at the moment. The task of the bulls is to keep the price above this area. For a long time we have been seeing a downtrend with numerous attempts to break resistance. For the last month, the price has been forming a decrease in volatility and moving into a consolidation phase. The cryptocurrency pair was accumulating potential to break the resistance, which in the near future, if the local resistance areas are broken, may start the phase of realization of the accumulated energy. The moving averages act as resistance. Strong support: the previously broken wedge boundary, the level of 0.742. Strong resistance: 0.800, MA-50, MA-200, 1.000 I expect the bulls will be able to hold the support level, the price will exit the local consolidation and continue to strengthen towards 1.000, 1.8000 Regards R.Linda!
Long
by RLinda
14
GOLD → False breakdown of the liquidity zoneGold is retesting important resistance at 1981.68 and consolidating in a narrow range in the red zone. What to expect from the price in the near term? On Friday the market bought out the fall, the price tested the resistance and the liquidity zone, but failed to break through that area. Since the opening of the session, the price has been declining and forming a consolidation below the level, thus the market is clamping the price in the range between the resistance 1981 and the downward support line. A breakout of one of the boundaries could form momentum. Since gold got positive fundamental leverage on Friday, there is a chance for an upside move from the 1981 level (breakout strategy). But the price broke the strong trend earlier and the bears might continue falling after gaining liquidity, which would be activated by a break-down of the 1969 support. Strong support: 1969, the descending line. Strong resistance: 1981, 1993. A break-up of one of the consolidation frames will determine the further fate of the asset. On Monday it is difficult to judge the market sentiment, in the priority I will expect a decrease to 1969 and to 1949. Regards, R.Linda!
OANDA:XAUUSD
by RLinda
35
GOLD →Resistance Retest 1981. What to expect in the coming week?Gold closes the previous week at -1.65% at 1977.895. The price confirms the lower boundary of the sideways range and forms a rebound. What to expect from the price in the coming week? Price makes a false break of the 1954.645 range support and the market on Friday buys back some of the fall, forming a rebound to the strong 1981.56 resistance. Price made a false breakout of resistance, but closed the session very close to that level, which may indicate that the market is ready to strengthen if several key conditions from both the technical and fundamental sides are met. The daily MA-50 acts as resistance and may be tested soon. MA-200 acts as a strong support. The price behavior in the range is formed by the movement from the upper boundary to the lower boundary and back. The fundamentals in the coming week may be relatively bullish, so my priority will be to expect a breakout of 1981.56 resistance and price strength towards 2000, 2010, 2025 and possibly 2048. 23.05 The Services PMI is published monthly by Markit Economics. The data is based on surveys of more than 400 executives in the private service sector - the expected numbers are unknown 24.05 Crude Oil Stocks Index. Energy Information Administration (EIA) measures the weekly change in the number of barrels of crude oil held in storage by U.S. companies - Analysts expect the reading to decline, which could reflect a deterioration in inflation Federal Open Market Committee (FOMC) minutes are a detailed report of a monetary policy committee meeting held about three weeks earlier 25.05 Gross Domestic Product (GDP) measures the annual change in the inflation-adjusted value of all goods and services produced in the economy - Analysts expect GDP to be flat or worse, which could have a negative impact on the dollar. First-time jobless claims measure the number of people who applied for unemployment benefits for the first time in the last week - Analysts expect jobless claims to rise, which could negatively affect the dollar 26.05 The Core Durable Goods Orders Index measures the change in the total value of new orders for manufactured durable goods, excluding transportation goods - expected numbers are unknown The Core Personal Consumption Expenditures Price Index (PCE) measures changes in the prices of goods and services purchased by consumers for consumption, excluding food and energy - Analysts expect the index to be flat or worse, which could negatively affect the dollar. Overall, fundamental data this week is expected to be either neutral or negative for the dollar index. If the expected data proves to be true or is either in that range, then the dollar will start to sell off and gold will then break the 1981 level and start its strengthening. Regards R. Linda!
OANDA:XAUUSD
by RLinda
18
GOLD → Downward triangle and retest of the 2000 areaGold on the background of the uptrend and counter-trend pullback forms a downtrend triangle, which may be the first signal to the possible beginning of the correction. The price is once again testing the uptrend support. In the same place the support of the pattern "Downward Triangle" passes. A breakout of the support zone will form an increase in volume and volatility. In breaking through the support, the price can go to 2000, 1995 and then to 1976. On the daily chart, the price is forming a consolidation near the support, which might be broken soon. The moving averages on the 1-hour timeframe act as resistance. Strong support: Triangle support 2001-2002 Strong resistance: 2009, 2015, 2020, and triangle resistance I expect price may continue to test support for a breakout, with price heading towards 1976 if successful. If the bulls can hold the support area, then price will try to break triangle resistance and strengthen to 2032 and 2048 Regards to R. Linda!
Editors' picks
OANDA:XAUUSDShort
by RLinda
103
GOLD → A pullback to resistance is forming before the news Gold has been strengthening to local resistance and liquidity area since the opening session. U.S. Federal Reserve Chairman Powell's speech today! What to expect from the price in Friday's trading session? Gold price is strengthening 0.85% from the local low and most likely aiming for the liquidity area. The global trend is broken (breakdown of the price channel and the left charts from D1 indicate the formation of correction and downward movement) Analysts expect the Fed to raise the rate, which could have a negative effect on gold. The dollar continues to strengthen and is aiming for a strong 105 zone. Bullard (Fed) supports further rate hikes as a safeguard against rising inflation. Logan (Fed) : current data does not justify a pause for a rate hike Barkin (Fed) : - Lesson number one from the 1970s is not to move to monetary policy easing too soon - If additional rate hikes are needed to lower inflation, that's fine with me. A strong resistance and liquidity area of 1976-1993 is forming on the chart, there is a possibility that Market-Maker may pull the price up to this area before further declines. Strong resistance: descending line, 1976, 1983, 1993 Strong support: 1953, 1949, 1936 I expect that the analysts' opinion can be confirmed and we will see the price fall to the area of 1936, but again - the news are an unpredictable phenomenon and there is a share of probability that the price can strengthen to 1993 and even to 2000. Regards to R. Linda!
OANDA:XAUUSDShort
by RLinda
13
GOLD →Retest of support from the bears. Fighting for a new rangeGold breaks the ascending price channel on the H4. The price is testing the support area of 1976, but after a pullback the price returns to retest the level. What should we expect from the price next? A strong price range was broken earlier and gold is forming a rather voluminous bearish momentum, breaking the key liquidity area in the 1983 zone. The XAU is entering a bearish area. On the D1, the price breaks the 50-day moving average, on the H1 the MA200 and MA50 play the role of resistance. The rest of the key indicators are in the red zone. On D1 (left chart): yesterday's daily candlestick closes as close to the level as possible and from the opening of the session the price breaks support and goes into a sell zone. Strong resistance: 1985, 1993. Strong support: 1976, 1969, downtrend line (dashed) I expect the formation of another retest of the level of 1976 with a subsequent break of support and further decline to 1950. There is a chance that the market will try to buy the fall. If the metal crosses over the level of 1985, we might see it strengthening till 1993 or even till 2000. Regards to R.Linda!
OANDA:XAUUSDShort
by RLinda
26
GOLD → Bearish momentum from the triangle. What is the target? Gold is renewing its local low to 1984. Earlier, the upward price channel and triangle support was broken, which formed a strong bearish momentum. With the dollar strengthening and the fundamentals, which are positive enough for that, that I mentioned on Sunday, gold breaks the key support area and goes down to the range of 1980-1890. The nearest key liquidity area that the price can aim for is below the 1976 level, followed by the 1969 level. The moving averages of the 1H timeframe are acting as resistance, while the price is about to test the support of the MA-50 on the D1. Strong resistance: 1993, the bottom of the triangle, the bottom of the uptrend channel. Strong support: 1981, 1976, 1969. I expect the price keeps falling down to the area of 1976-1969, against the background of the above factors. But only if the price overcomes the resistance of 1993, the price can recover up to 2000. Sincerely R. Linda!
OANDA:XAUUSDShort
by RLinda
27