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Technical Analysis

Gold at the Verge of a Breakout or Correction?Gold prices are currently “dancing” around the $2,655 level. The strong support at $2,630.511 acts as the “last fortress” protecting buyers from a steep decline. However, all eyes are on the critical resistance levels at $2,678. These are the “gateways” buyers need to breach to unlock a spectacular breakout, driving gold to new highs. The EMA 34 and EMA 89 lines are providing solid momentum, helping to maintain the upward trend. But can the market hold onto this optimism, especially with hot U.S. news and Fed movements that could shift the dynamics at any moment? A strong breakout might be in the cards, but if not, a correction back to the support zone could prompt many investors to reconsider their strategies
OANDA:XAUUSD
by Zola_Hello
EW Breakdown of USDCHF: Eyeing a Move Toward 0.8620Timeframe: 4h (240 min) I have analyzed the wave count by examining a consolidation area with significant trading activity following a sharp decline in USDCHF. Observing the slope of the fall, it appears that this congestion area could represent a correction on the 4-hour timeframe. The wave count indicates that wave B has formed a contracting triangle, with wave (e) of wave B completing at 0.8396 . We are at wave (C), which has can be move forward after breaching a strong resistance of 0.85154 . The currency may have some pullback for the public participation, but it shouldn't exceed the low of wave B. The setup can be formed after the breakout of wave B, for the distance up to 0.8618 . Fibonacci Calculations are given below: Wave C = 1.618 of Wave A Wave C = 0.786 of the previous impulse Wave C = 1.618 of the previous impulse Additional information will be provided shortly.
by Trade-Technique
Gold Price Analysis: Symmetrical Triangle Formation Signals $$##📈 Gold Price Analysis: Symmetrical Triangle Formation Signals Potential Breakout Gold trades within a symmetrical triangle formation on the H1 timeframe, and traders are closely monitoring for a potential breakout. This technical pattern, known for its converging trendlines, often signals an impending price breakout, either upward or downward. Here's what to watch for: 🔺 What is a Symmetrical Triangle? A symmetrical triangle is a continuation pattern in which the price forms lower highs and higher lows , creating two converging trendlines 📊. The market's indecision builds tension, often leading to a significant breakout in either direction as the price consolidates. 🚀 Key Breakout Levels for Gold As gold continues to move within this symmetrical triangle, there are two potential breakout scenarios: 📈 Upside Breakout Target – $2,693: If gold breaks out above the upper trendline of the symmetrical triangle, we can expect bullish momentum to push the price toward the $2,693 level. This would indicate a continuation of the upward trend, attracting buyers and potentially setting the stage for further gains. 📉 Downside Breakout Target – $2,614: On the other hand, a break below the lower trendline would signal a bearish move, with the next potential target around $2,614 . This downside breakout would indicate a reversal or pause in the recent bullish trend, likely driving selling pressure. 🔍 Factors to Watch Several factors may influence gold’s price action and the potential breakout direction: 🌍 Geopolitical tensions and market uncertainty drive safe-haven gold demand, potentially pushing prices higher. 💵 US Dollar strength: A stronger dollar could weigh on gold, increasing the likelihood of a downside breakout. 📉 Interest rates and inflation expectations also play a role, as rising rates could limit gold’s appeal as a non-yielding asset. 🛠 Trading Strategy Traders should consider waiting for a clear breakout above or below the symmetrical triangle before entering a position. A decisive move beyond these key levels— $2,693 for an upside breakout or $2,614 for a downside breakout—could offer strong trading opportunities with defined risk levels. 💡 Conclusion The symmetrical triangle formation on the H1 timeframe indicates that gold is on the verge of a significant move. Monitoring key breakout levels, market sentiment, and external factors like the dollar and interest rates will be crucial in navigating this potential opportunity. Whether gold breaks out to the upside or downside, traders should be prepared for a substantial price move towards $2,693 or $2,614. 🔔 Stay updated with the latest prices and market developments to capitalize on this technical pattern.
OANDA:XAUUSD
by amzadlak
EURUSD: Continuously searching for new bottoms!Dear Investors, Today, let's dive into the EURUSD pair analysis with Conan! In recent days, EURUSD has not had many big fluctuations, but still maintains the trend of finding new bottoms through red candles. Technically, the double top pattern has been confirmed and the price has broken the 1.1100 level, opening the possibility of a deeper decline. However, to break the strong support at 1.1000, the sellers need confirmation from the new resistance zone at 1.1085 - a level that matches the 0.618 Fibonacci level in our forecast. Potential profit-taking levels that investors can consider are 1.1000 and 1.0900 respectively. What do you think about this analysis? Share your views!
Short
by ConanTradingFX
State Bank of India (SBI) – Bullish Reversal Setup State Bank of India (SBI) – Bullish Reversal Setup with Inverse Head and Shoulders Pattern SBI is currently forming a classic Inverse Head and Shoulders pattern on the daily chart, a strong indication of a potential bullish reversal. The neckline, located at ₹826.45 , is the critical level to watch. A successful breakout above this level could trigger upward movement towards ₹880 and ₹911 , with volume confirmation needed to validate the move. Technical Highlights : Inverse Head and Shoulders Pattern: The formation of this pattern suggests a trend reversal from bearish to bullish. The price is consolidating just below the neckline at ₹826. A close above this could indicate further strength. Support and Resistance: Immediate resistance is at ₹826.45 , followed by targets at ₹880 and ₹911 . On the downside, the stock finds support at ₹790 and ₹762 , which could act as stop-loss zones. Volume Profile : High activity in the ₹790 - ₹826 range signals strong buying interest. A breakout above this range could push the stock into the next major volume zone around ₹880 . Moving Averages: The stock is trading above its 20-day, 50-day, and 100-day moving averages , confirming a bullish bias in the near term. RSI (Relative Strength Index) : RSI is neutral around 50, signaling consolidation. A push above 60 would confirm bullish momentum in line with a potential breakout. Outlook: Bullish Scenario : A breakout above ₹826 could open the door for a move toward ₹880 and ₹911. Traders should look for volume confirmation to ensure the breakout's sustainability. Bearish Scenario: Failure to break above ₹826 could lead to a pullback toward support at ₹790, with ₹762 being the next key level on the downside. SBI appears poised for a breakout, making it an attractive opportunity for traders looking for a bullish reversal setup.
NSE:SBINLong
by AngshumanSaikia
BANK NIFTY INTRADAY LEVELS FOR 03/10/2024BUY ABOVE - 53140 SL - 52970 TARGETS - 53290,53200,53700 SELL BELOW - 52800 SL - 52970 TARGETS - 52620,52400,52260 NO TRADE ZONE - 52800 to 53140 Previous Day High - 53180 Previous Day Low - 52800 Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day. Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move. Please NOTE: this levels are for intraday trading only. Disclaimer - All information on this page is for educational purposes only, we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made. Request your support and engagement by liking and commenting & follow to provide encouragement HAPPY TRADING 👍
NSE:BANKNIFTY
by Jagadheesh_JP
NIFTY INTRADAY LEVELS FOR 03/10/2024BUY ABOVE - 25860 SL - 25790 TARGETS - 25920,25980,26050 SELL BELOW - 25700 SL - 25790 TARGETS - 25610,25550,25490 NO TRADE ZONE - 25700 to 25860 Previous Day High - 25920 Previous Day Low - 25700 Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day. Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move. Please NOTE: this levels are for intraday trading only. Disclaimer - All information on this page is for educational purposes only, we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made. Request your support and engagement by liking and commenting & follow to provide encouragement HAPPY TRADING 👍
NSE:NIFTY
by Jagadheesh_JP
Trading strategy !Hello, dear traders! In my view, the recent rally in gold is mainly due to expectations of lower US interest rates and the growing demand for safe havens amid geopolitical uncertainty. Currently, gold is trading around $2,660, down -0.14% on the day. However, I believe that the overall bullish trend remains intact. Looking at the 4-hour chart, I can see that XAUUSD is holding above the rising trendline and the 34.89 EMA. This reinforces the idea that gold prices could continue to rise. If gold breaks above the all-time high of $2,685, this could signal further upside momentum, targeting round numbers like $2,700 and even the psychological level of $2,750. What do you think about the trend of XAUUSD? Do you see more room for it to break higher? Let's discuss!
OANDA:XAUUSDLong
by Bentradegold
1
Gold price today is still supported to increase !Hello everyone! What do you expect from the gold price today, let's discuss today's strategy? Yesterday XAUUSD did not change much compared to yesterday's trading session, fluctuating around $2656, down 0.1% due to lack of new bullish momentum. Although it is under some short-term pressure due to the strength of the USD, the situation in the Middle East is gradually strengthening, promoting the demand for safe-haven gold. Besides, there is still positive potential for further appreciation of XAUUSD, as it is still in an unbroken upward channel. A break of $2660 will not see significant resistance until $2670. What do you think?
OANDA:XAUUSDLong
by Bentradegold
1
USDJPY: Strong recovery from 143.00Ben, hello everyone! Let's dive into today's USDJPY analysis with Ben! USDJPY is in an uptrend today, currently trading at 143.95, up 0.29% on the day. With USDJPY continuing to trade steadily at this positive level, the resistance level of 144.50 will be set as a short-term target, before potentially reacting and testing the price level of 143.00, forming a trend line and using it as strong support for further increases in the medium and long term. The current expected price levels are at the round level of 145.00 and 146.00 respectively and even the upper trend channel limit at 147.00. Wishing you all profitable trading!
Long
by Bentradegold
1
SPY Advanced Analysis by Deno Trading: What’s Next for the S&P 5Let’s dive into the SPY analysis across multiple timeframes, looking for key insights on where the market could be headed. I’ll break it down step by step so it’s easier to follow along. 30-Minute Chart Overview: Current Price Action: We’re sitting around $569, and what’s really interesting is that SPY has been consolidating after hitting a recent high of $570. The market is in a bit of a tug-of-war between bulls and bears, and we’re right at a pivotal level. Key Resistance: The $570 - $574 zone is a major resistance level. Every time we’ve tested it recently, we’ve seen the market pull back, indicating strong selling pressure. This zone is critical, and we’ll need to break above it with volume to see any further upside. Support: On the downside, the first level of support is around $565, followed by $561, which aligns with the 50-period moving average on the 30-minute chart. If the price breaks below this level, we could see further downside pressure. 4-Hour Chart Insights: Moving Average Support: On the 4-hour chart, we’re seeing strong support at $561, where the 50-period moving average has been acting as a floor for recent price action. As long as SPY holds this level, the bulls still have a chance to regain control. Potential Bullish Scenario: If the price holds $561 and pushes higher, a break above $574 could take us to new highs for the year, potentially testing levels above $580. Bearish Case: If we fail to hold $561, I’d expect a move down towards $552, where the next level of support lies. This level has acted as both resistance and support in the past, making it an important area to watch. Daily Chart Breakdown: Longer-Term Uptrend: The daily chart shows that SPY is still in a broader uptrend, holding above the 200-day moving average, currently sitting around $552. This level has provided a solid base throughout the year, so as long as we remain above it, the long-term trend remains bullish. Current Resistance: The $570 - $574 resistance zone is evident here as well. This level marks the highs from September, and breaking it would signal the market’s willingness to push towards $580 and beyond. Weekly Chart for Perspective: Larger Timeframe: The weekly chart tells a similar story. We’re hovering around $570, right at a major resistance level. The 50-week moving average, sitting around $512, is well below the current price, suggesting we still have a cushion before a significant breakdown would occur. What to Watch: If we break $574 on the weekly chart, we could see a massive bullish continuation. However, failure to break this level could lead to a bigger pullback to $550 or even $530 in the weeks ahead. Conclusion & What I’m Watching: Bullish Breakout Scenario: If SPY breaks above $574 with strong volume, we could see a rally towards $580 or higher. This would confirm that buyers are back in control. Bearish Rejection Scenario: On the flip side, failure to break this resistance could lead to a pullback towards $561 or even $552. If we break below those levels, the bearish case strengthens, and we could see further downside. Final Thoughts: Right now, we’re at a pivotal point. The next few trading sessions will determine whether we’re gearing up for a breakout or a more significant pullback. I’m watching the $570 - $574 level closely for signs of either bullish continuation or rejection.
AMEX:SPY
by Deno_Trading
USDJPY: Important Support & Resistance Levels 🇺🇸🇯🇵 Here is my latest structure analysis and important support and resistance levels to pay close attention to on USDJPY. Resistance 1: 146.50 - 147.35 area Resistance 2: 149.30 - 149.40 area Support 1: 141.64 - 142.20 area Support 2: 139.60 - 140.60 area From a current perspective, probabilities are high that the pair will continue growing, at least to Resistance 1. After its test, consider that for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
1
DreamAnalysis | US30 On the Edge Don’t Miss These Key Levels!✨ Today’s Focus: A Critical Asset in the Market – US30 (Dow Jones) We’re diving into its recent price action and breaking down what might come next, based on key market levels. 📊 Current Market Overview: After a strong expansion upward, marking the Previous Month High (PMH), US30 is now gradually retracing lower. The price has formed Equal Highs (EQH) on the buy side and sits near the Previous Week Low (PWL) on the sell side. Let’s explore how these levels shape both bullish and bearish scenarios. 🕓 Key Levels to Watch: Here are the crucial zones we’re monitoring: - PMH: Previous Month High - PML: Previous Month Low - PWH: Previous Week High - PWL: Previous Week Low - BSL: Buy-Side Liquidity - SSL: Sell-Side Liquidity - Daily FVG: Daily Fair Value Gap (imbalance zone) These levels represent key areas where price might accumulate liquidity or retrace for order collection. Fair Value Gaps (FVGs) are potential zones for the market to rebalance before continuing its trend. 📈 Bullish Scenario: To confirm a bullish bias and seek long positions, we need to see Sell-Side Liquidity cleared. The nearest target is the Previous Week Low (PWL), a critical SSL level. Once price dips below it, we can look for entries on lower timeframes (LTF) and target the Buy-Side Liquidity (BSL). 📉 Bearish Scenario: For a bearish play, we’re watching the Equal Highs (EQH) on the buy side. If the price takes these out, we’ll look for lower-timeframe entry models and aim to target Sell-Side Liquidity (SSL). 📝 Conclusion: As always, adaptability is key. Keep an eye on these critical levels to refine your strategy and identify potential opportunities. 🔮 Looking Ahead: Stay tuned for updates as we track NASDAQ, DXY, EUR/USD, and other major currency pairs. Expect timely insights as market trends develop. ⚠️ Disclaimer: This is for educational purposes only and not financial advice. Always conduct your own research and consult a licensed financial advisor before making investment decisions.
CAPITALCOM:US30
by DreamAnalysis
Analysis of GBP/CAD: Price Falls Below 1.800 LevelAnalysis of GBP/CAD: Price Falls Below 1.800 Level In the first nine months of 2024, the GBP/CAD exchange rate rose by over 7%, surpassing the significant 1.800 level. The last time GBP/CAD remained consistently above this level was back in 2016, but it later dropped below. Since then, bulls have made two attempts to push the price above 1.800: in 2018 and again in 2020 (during the coronavirus panic) – both of which failed. A third attempt occurred when GBP/CAD climbed above 1.800 in September 2024, but yesterday’s large bearish candles (marked with an arrow) suggest that this attempt to stay above 1.800 may also fail. Yesterday’s decline in GBP/CAD was driven by a combination of factors, including: → A rise in oil prices, which strengthens the Canadian dollar as Canada is a major exporter of oil; → A slowdown in manufacturing activity in the UK during September, as reported by Reuters. Technical analysis of the GBP/CAD chart shows the price is moving within an ascending channel (marked in blue), which has remained relevant since the start of 2024. Support levels for the price could be → The 1.78500 level (which acted as resistance from mid-July before being broken in September); → The median line of the ascending channel; → The orange trendline. However, it is possible that these support levels may not be strong enough to ensure that GBP/CAD can consistently hold above the 1.800 level, which has historically acted as key resistance. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
XAU/USD: Ready for a Strong Breakout?The XAU/USD chart is painting a promising picture as gold prices hover around $2,660.630. With solid support from the EMA 34 ($2,648.177) and EMA 89 ($2,613.679), buyers currently hold the advantage in maintaining the upward momentum. All eyes are now on the key resistance level at $2,687.072. If buyers manage to push the price above this mark, gold is likely to continue its rally, reaching new highs and offering significant opportunities for traders. However, the market remains highly sensitive to economic news from the U.S., especially the upcoming moves by the Fed. These factors could have a strong impact and dictate the future direction of gold prices. Will gold overcome the resistance and break higher, or will it turn back and correct? The next moves are eagerly anticipated!
OANDA:XAUUSDLong
by Zola_Hello