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Gold held above support, will it start rising?In my yesterday OANDA:XAUUSD analysis I wrote that the situation for the medium term remains unclear, and this remains the fact so far. However, there are some good signs for bulls: First of all, after touching 2010 confluence support, the price reversed quickly to 2040 zone resistance. Second, yesterday Gold has made a higher low in the 2020 zone. Considering that, in spite of Monday's movement, the medium-term is still grossly bullish, 2010 could be a local bottom. In the past 20 hours or so Gold remained in a range and even we have price congestion, a break looking imminent now. I believe this break will be to the upside and in such a case, 2050 is the next resistance for traders to watch. At this moment I'm very cautious when it comes to Gold, but 2070 is not out of the question by week's end, if bulls manage to maintain the 2020 zone intact. P.S: In the alternative scenario, a drop under 2020, I believe, will lead to a break of confluence support (2010) and, in that case, Gold will become bearish in the medium-term.
OANDA:XAUUSDLong
by Mihai_Iacob
1
UsdJpy- Is this correction over?Recently, I mentioned that USD/JPY might decline from above the 150 mark to test the 147 support or even the crucial 145 level. However, let's not deceive ourselves— the trend for USD/JPY remains extremely bullish. Even if there's a correction of around 500 pips, it's merely a temporary setback, and, from a fundamental standpoint, nothing is changed to indicate a reversal. Technically, as illustrated in the chart, the recent decline is confined within a falling wedge, a pattern that typically signals a resumption of an upward trend. As previously discussed, the 145 zone serves as a robust floor for the pair. In the event of a drop to that level, traders might consider buying with a risk-reward ratio of at least 1:5. Alternatively, a daily close above 147.50-147.70 would indicate that the recent low of 146.20 is the bottom, and the pair could reverse direction without testing the significant support level. In conclusion, from the perspective of a swing trader, the focus should be on identifying buying opportunities in the market.
Long
by Mihai_Iacob
8
GbpAud- Will it test 2.0 again?In mid-August, FX:GBPAUD tested a significant 2.0 figure and a correction of more than 1,000 pips followed shortly. Subsequently, the pair has been trading within a range, with a horizontal support just below 1.9 and a resistance level above 1.93. On Monday, the pair retested the 1.9 figure and promptly reversed to the upside, currently trading at 1.9220. The upward trend for the pair has persisted for over a year and, considering the pair's inability to decisively break below 1.9, I speculate that an upward movement may ensue. Confirmation of this speculation would come with a daily close above the 1.93 zone. Regarding potential targets, horizontal interim resistances lie at 1.95 and 1.9750. Furthermore, if the pair successfully breaches the 1.93 level, it would not be surprising to witness a new test of 2.0.
Long
by Mihai_Iacob
Gold- Medium term direction remains unclearIn yesterday's OANDA:XAUUSD analysis I wrote that after the crazy Monday's price action with a new ATH followed by 3 support breaks, Gold could continue down and test 2010 next technical support. Indeed, the price dropped and touched that level and a reversal followed. Although this is a positive sign for bulls, confirmation is needed, and, after the strong sell-off, it could barely be a correction. As we can see from the chart, this confirmation comes with a break back above the 2040 resistance in which case we could consider the level confirmed. On the other hand, a break under 2010 is not good at all for bulls and could lead to a drop towards 1940. I remain on the sideways till clarification. COMEX:GC1! MCX:GOLD1!
OANDA:XAUUSD
by Mihai_Iacob
2
EurNzd- On a verge of an important breakThe past month and a half proved favorable for EUR/NZD bears as the pair not only broke below the double-top structure but also breached the ascending trend line that had kept prices elevated for over a year. Currently, the pair is preparing for another significant downside break at the 1.75 psychological figure, which also represents a crucial horizontal level. Examining the anemic rebound observed on Monday and yesterday, it is my opinion that this level is likely to be breached as well, potentially leading to a substantial drop in the pair's value. The most obvious target in this scenario is the next significant level at 1.7, keeping in mind the interim support at 1.72.
Short
by Mihai_Iacob
EurUsd could rebound from support zoneAs anticipated, EUR/USD rose and reached the significant 1.1 threshold. Right after testing this resistance level, the pair experienced a sharp decline, plummeting by more than 200 pips within a few days, suggesting the possibility of a market top. Currently, the pair is trading just above the support level (1.0760-1.0770 zone). In the short term, there's potential for a rebound, leading to a correction of the recent downturn and a rise to the 1.09 zone. For more conservative traders, this rebound could serve as a selling opportunity, anticipating a breach of the support level and a subsequent decline toward the 1.05 zone.
Long
by Mihai_Iacob
1
GbpUsd could drop 200 pipsI've been bullish on GBP/USD and expected it to reach 1.26. Indeed, the target was not only reached but also surpassed with a high of 1.2720. However, after reaching the 1.27 zone, GBP/USD started to show signs of fatigue and failed twice at this level. With the rise since mid-November contained in a rising wedge pattern and a potential double top forming (confirmation required with a drop under 1.26), the pair could decline to the next level of support around 1.24. That being said, I'm bearish on GBP/USD, and I'm looking to sell rallies, with a negation in the event of a new local high.
Short
by Mihai_Iacob
1
Gold- Turbulent times with breakouts and breakdownsYesterday was a crazy day for Gold traders with a 1300 pips volatility counted from top to bottom. After an initial Asian open with a new ATH and a spike of 800 pips from Friday's bottom, XauUsd started to drop aggressively, but more importantly, broke under 3 important levels that should have provided support: 2070, 2050, and 2030. The overall trend remains bullish though, and the line in the sand for bulls is the next important confluence of support at the 2010 zone, representing the point from which bulls should look for buying opportunities. However, with the current price at 2033 at the time of writing, the best approach is to adopt a wait-and-see stance. This is precisely what I will do until the market settles into lower volatility.
OANDA:XAUUSD
by Mihai_Iacob
8
Gold to continue up after correction?In last week's analysis, I stated my expectation for growth in the price of Gold and recommended buying dips rather than attempting to sell into a potential correction. On Friday, bulls successfully broke above the small corrective bullish flag, achieving a new all-time high and closing the session at this peak. The Asian session opened strongly, witnessing an 800-pip rise and establishing a fresh all-time high at 2150. Presently, the price has retraced and is consolidating within the 2080-2090 zone, prompting the crucial question of what comes next. In my opinion, Gold is poised to continue its ascent towards 2150, which now serves as the new resistance level. From a technical standpoint, I anticipate support around 2070, extending down to 2050. This range represents a potential buy zone, with a contingency plan for reconsideration if there's a close below 2050. As per my usual approach, I am seeking a target of 400 pips or more.
OANDA:XAUUSDLong
by Mihai_Iacob
6
Gold- Waiting for s trigger for a new leg upIn my yesterday's comment, I wrote that is not advised to sell into a possible correction, instead buying dips should be the better approach. The price corrected, indeed, towards 2030 support and quickly got back to 2040, suggesting 2025-2030 is a strong floor for XauUsd. The recent drop from 2052 top to yesterday's low is clearly corrective in nature and a new leg up is to be expected. My idea remains the same: buy dips and only a daily close under 2020 would negate this bullish scenario.
OANDA:XAUUSDLong
by Mihai_Iacob
2
Gold- I'm not selling a possible correctionIn my previous Gold analysis, I wrote that Gold is consolidating with bullish perspectives. Indeed, two days ago, The price exploded to the upside, and since yesterday, it entered in a consolidation again. Although there could be a correction, in my opinion, this should not be sold but bought into dips. A good zone for buys is under 2030 Also, as an alternative bullish scenario, we have a small symmetrical triangle and Gold could continue its ascent after this pattern is confirmed.
OANDA:XAUUSDLong
by Mihai_Iacob
2
GOLD 2 SCENARIOSDear Traders, "There are currently two potential scenarios unfolding for XAUUSD (Gold paired against the US Dollar). The first scenario involves a bullish trajectory where XAUUSD is poised to surpass the highest resistance point ever witnessed in the gold market. This would signify a significant breakthrough, potentially leading to a historic milestone for gold prices. On the flip side, the second scenario considers the possibility of a retracement in price movement. This scenario draws from historical trends, notably three previous instances where XAUUSD retraced after approaching similar highs. Understanding these past occurrences suggests a potential pattern of retracement following a surge toward this critical resistance level. Both scenarios hold significance and warrant careful observation. Traders and investors are keenly monitoring market movements to decipher which direction XAUUSD will ultimately take. The breakthrough of the highest resistance point could signal a substantial bullish trend, whereas a retracement would echo previous market behaviors, potentially offering insights into future price movements. As always, market analysis remains dynamic and subject to various factors. Traders must diligently assess the evolving market conditions and indicators to make informed decisions based on these two probable scenarios for XAUUSD." Greetings, ZTRADES
FOREXCOM:XAUUSDLong
by ZILATRADES
Gold- Consolidation with bullish perspectivesIn yesterday's post, I wrote that an important level for bulls to watch is the 1990 zone. After a new test of the waters above 2k, Gold fell in that zone and is now consolidating under this significant 2k milestone. Both the medium-term and the short-term are bullish and if XauUsd finally has a genuine break above 2k we can expect acceleration. As said, both medium and short-term trends are bullish, but for the short-term trend to remain like this, the price needs to remain above 1985. In case of a break under, we can expect a drop to 1975 or even lower.
OANDA:XAUUSDLong
by Mihai_Iacob
1
Bitcoin- Back at resistance. Will it break this time?In my previous BtcUsd analysis, I said that 35k-35.5k is strong support for bitcoin and the main cryptocurrency remains bullish as long as this level is intact. As we can see from the chart, BtcUsd touched and reversed from this zone 3 times in the past month suggesting there is a strong demand under 36k. Yesterday the price rose back to resistance and I'm looking for a break. In this instance, Bitcoin could pass above the important 40k level. I remain bullish as long as support is intact.
BITSTAMP:BTCUSDLong
by Mihai_Iacob
EurNzd could drop to 1.75 (500 pips)After the top near 1.85 in August, EurNzd dropped almost 1000 pips. In October the pair started to recover, but failed to reach the previous high, instead found a strong ceiling at 1.82. Since then, EurNzd tried multiple times to pass above this ceiling and dropped back to 1.8 each time. 1.8 acts as a very important psychological level but also as an important technical horizontal support. A break of this support seems imminent and in such an instance, EurNzd could accelerate its decline to 1.75. I'm bearish this pair and I'm looking to sell rallies for a good risk:reward.
Short
by Mihai_Iacob
2
Cardano is failing at 0.4. I'm looking to sellIn my previous analysis of ADA/USDT, I highlighted that as long as Cardano maintains support above the 0.24 zone, there's a strong likelihood of a reversal towards the range's resistance at the 0.4 zone. Recent optimism in the crypto market has indeed facilitated this movement, with the coin witnessing an approximate 60% surge over the past month. However, the overall structure for ADA remains range-bound and not decisively bullish. Therefore, a potential retracement could be on the horizon. My strategy is looking for opportunities to sell on any spikes above 0.4, targeting a drop back to the 0.3 level, with a rise above 0.42 negating this outlook.
Short
by Mihai_Iacob
4
GbpUsd- Bulls should be carefulAs you know, I've been bullish on GbpUsd in the past month or so and called for a rise to the 1.26 zone. Yesterday the pair was very close to my target, with a high of 1.2560, and started to roll down after. As we can see from the chart, the rise from the past 3 weeks is contained in a steep rising wedge, which should be a warning for the bulls. In my opinion, a drop will follow for GbpUsd and the pair could visit the 1.23-1.2330 support zone. I'm looking to sell rallies against 1.26
Short
by Mihai_Iacob