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Unpredictable fluctuations, predicted to continue to increaseWorld gold prices stabilized with spot gold increasing 1.3 USD to 2,028.8 USD/ounce. Gold futures last traded at 2,036 USD/ounce, up 2.5 USD compared to yesterday morning. The world gold market stabilized as investors remained cautious ahead of US inflation data to be released later this week. The data is expected to provide more detailed information about the future policy direction of the US Federal Reserve (Fed). If the inflation numbers surprise, the Fed may not be able to cut interest rates yet, which would put pressure on precious metals markets, said Kitco Metals senior analyst Jim Wyckoff. Currently, analysts predict price inflation will slow in December. The New York Fed survey earlier this week also showed that consumers expect inflation to decline, along with income and spending increases. Household spending will gradually increase in the coming years. Looking at the direction of gold in the medium term, MKS PAMP metals strategist Nicky Shiels forecasts gold prices will fluctuate in the range of 1,900 to 2,200 USD/ounce in 2024 and prices will reach a record high in the first half. this year, boosted by expectations of interest rate cuts. Experts also do not rule out the possibility that gold will conquer the 2,300 USD/ounce mark when mentioning other factors such as geopolitical instability and the trend of de-dollarization in the world. On the other side, Shiels said that gold is also likely to fall back to $1,600 an ounce if persistent inflation forces the Fed to maintain its restrictive monetary policy. She said that the possibility of this scenario happening is 20%.
OANDA:XAUUSDLong
by FalCol_TradingMaster
GOLD → False breakout leads to counter-trend correctionFOREXCOM:XAUUSD within the descending price channel forms a false break of support after which we see the strengthening, which began yesterday. On the background of the downtrend the price forms a false breakdown of the level of 2031.8, after that during several hours the price fixes above this level, which forms a bullish position in the market. Within the current counter-trend correction, the price may reach the resistance of 2048 range or trend resistance. There are no important news that can affect the price today, most likely the price will continue its direction to the zone of interest, because above 2049 there is a large enough pool of liquidity. It is too early to talk about the trend change. Support levels: 2030-2031 Resistance levels: 2039.3, 2049.3 The counter-trend correction may reach the mentioned trend zone. Further we should watch the price reaction to the mentioned resistance area as well as to the fundamental reasons, which can both break the trend and continue it TVC:DXY COMEX_MINI:MGC1! COMEX:GC1! Regards R. Linda!
OANDA:XAUUSD
by RLinda
17
💡 XAUUSD: Waiting for inflation dataDuring the initial week of 2024, global gold prices experienced minor fluctuations as the market endeavored to recalibrate expectations regarding the potential timing of interest rate adjustments by the US Federal Reserve (Fed), taking into account economic data. According to the most recent weekly gold survey by Kitco News, half of the retail investors engaged in online Main Street polls anticipate an upturn in gold prices for the week, while the remaining 50% foresee a decline. Experts highlight that the forthcoming release of the December Consumer Price Index (CPI) report on Thursday poses the most significant risk to gold prices during this week. A sustained decrease in inflation could once again instill optimism in the market regarding the timing of rate cuts, thereby benefiting gold. Conversely, a failure of inflation to rise as anticipated by the market could potentially trigger a fresh sell-off in this precious metal.
OANDA:XAUUSDShort
by Stone_Haven
GOLD → The downtrend continues to form FOREXCOM:XAUUSD has been declining on the basis of fundamentals since last week, which is what I was preparing you for. The price makes a false break of resistance and decreases by 1.8%. Yesterday we analyzed the situation from both fundamental and technical points of view. Gold, as we expected, is declining towards the support. The price is heading towards the lower boundary of the trend, from which a small correction to the resistance may follow. If the fundamental background ( TVC:DXY ) does not change in the next few weeks, the price may test the levels even lower in the future. Technically, now we expect a correction from the 2023-2020 area to one of the nearest resistances. BUT, if the channel support is broken and the price forms a consolidation below 2023-2020, the decline will start without a pullback, the target in this case will be the area of 2015, 2010, 2000. Support levels: 2030, 2015 Resistance levels: 2039, 2049 The price may continue to be inside the descending channel, having formed a bounce from support to resistance. Technically and fundamentally, the price is preparing for a decline. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
12
EURJPY → False resistance breakdown and a weak euro FX:EURJPY is forging a false resistance breakout amid a global bearish trend. Bearish volume is forming in the 158.38 zone Based on the fundamental background and strengthening of the Index dollar ( TVC:DXY ), the euro ( FX:EURUSD ) may lose ground. In such a case, on the background of euro weakening, Japanese yen ( FX:USDJPY ) may strengthen. Globally, the currency pair stands in the range of 158.5 (157.9) - 154.0. In such a case, from resistance, within the range, the price may head towards flat support. Technically, we have a local ascending channel and a false breakdown of the resistance area. The price consolidation below 158.38 and the break of the support at 157.5 will form the market decline to 155.0 Resistance levels: 158.38, 159.0 Support levels: 157.5, 156.3, 155 I expect the price decline within the channel to the support of 155.0. Fundamentally, the euro, as well as the yen are unstable, so the market can behave unpredictably and stand still for a long time Regards R. Linda!
Short
by RLinda
1
Solana (and Altcoins) Daily RSI Tells the Story!I continue to reiterate the point that our daily RSI is giving hints at what may continue to come for Solana and altcoins. Solana have been one of the strongest alts during this bull run and remains above our red ascending trendline while most others have fallen below. But just as with other altcoin charts, our lead indicator was broken supports on the daily RSI. Three of these big supports have now been broken below. However, on the price chart only two have been broken. Will that red ascending trendline become the third? My bet is "yes" based upon what the RSI chart is telling me, though, it may spike higher first following Bitcoin ETF approval news. If I am right about this pullback, I don't think Solana will find support until around $65 or so.
COINBASE:SOLUSDShort
by stewdamus
GOLD → Uncertain market. What should we expect?FOREXCOM:XAUUSD is forming a global range of 2070 - 1810. In a neutral market, the price may head down from the resistance, but we have an unstable fundamental environment. The market closes the second half of the new week in 2023 in a phase of uncertainty. The price is standing still. After receiving the news, the market quickly buys back the decline or sells off the rise, thus bringing the price back to the current range of 2050 - 2040. Wednesday through Friday the market receives bullish news for the US market, which technically should drop the price of gold. But the market is already overheated by the Fed's manipulation and is apparently getting ready for further rate cuts, which the US regulators may start in early spring . In this case, the TVC:DXY will begin to give up its positions, which will technically strengthen the forex market and including gold, silver and the cryptocurrency market. On the high timeframe ( 1 week ) we see the strength of buying power in the gold market. There is a reason for everything: fundamentals, geopolitics, problems in the US and European market, high interest in the metal from the central banks of many countries, which very actively continue to buy the metal. Technically, the price may test 0.382, 0.5, 0.618 fibo by spring before rising further. The positive sentiment is indicated by frequent resistance retests . Every next retest makes this zone lose strength, which technically brings us closer to the formation of a new bullish range after breaking the 2050-2075 zone. There is not much news in the coming week, important data may be released in the second half. The market may start the new trading week by continuing to forge a sideways range between 2050 - 2040 . But, a breakout of one of the mentioned boundaries followed by price consolidation above or below this level will form momentum towards the mentioned zones. Support levels: 2040, 2030, 2015 Resistance levels: 2050, 2058, 2069, 2075 The market may be temporarily affected by the bullish news for the US market from last Friday. Gold may start to decline to 2040 and retest 2030 as we saw sell-offs on Friday after stabilization. BUT! At the moment the market is unstable amidst uncertain potential. Proceed from these levels and your trading strategies. Regards R. Linda!
OANDA:XAUUSD
by RLinda
15
💡 XAUUSD: Plunging after unemployment rate and ADP NonfarmGlobal gold prices are holding steady, with spot gold registering a modest increase of 2.3 USD, reaching 2,043.6 USD per ounce. Gold futures, in the latest trading session, settled at 2,050.7 USD per ounce, marking a 1.2 USD uptick from the previous day. After a four-session decline, the world gold market has found stability, as investors await the release of the US non-farm payrolls report on Friday (US time) to gain insights into potential adjustments in the US Federal Reserve's (Fed) interest rates. Analysts suggest that if the data indicates a weakened labor market, it could bolster expectations of a Fed interest rate cut in March. Conversely, a robust job market report could influence the Fed's monetary policy roadmap. Jim Wyckoff, a senior analyst at Kitco Metals, notes that bullish momentum in the gold market requires a catalyst for a price rally. However, a stronger-than-expected jobs report could exert downward pressure on prices and temper market anticipation of a Fed rate cut. Recent data reveals that weekly US unemployment claims fell more than anticipated last week, and private sector employment experienced growth in December, underscoring the resilience of the labor market.
OANDA:XAUUSDShort
by Stone_Haven
💡 GOLD: Forecast January 5Gold's 4-day losing streak could not continue yesterday, after the price rebounded. However, the rising bar D1 yesterday had a narrow amplitude, had a long shadow above and closed below 1/2, thereby showing that the upward pressure was weak. This D1 bar is also located inside the previous D1 bar to create an inside bar model, and has the narrowest amplitude among recent D1 bars, forming a Narrow Range bar. Combo price action inside bar + Narrow Range Bar suggests the possibility that D1 gold is about to have strong fluctuations. The chart structure is sideways with a bullish bias. H1 gold did not continue its downward trend but moved sideways yesterday. The current upswing can create a structure of 02 upswings, which is a complex retracement structure. You can wait for the current uptrend to balance with the previous uptrend and then sell down again.
TVC:GOLDShort
by Stone_Haven
DXY to continue declineDXY started a recovery from 100.257 from the heavy decline due to the pause in the interest rate hikes back in December 13th, 2023. The index started to recover from 28th December and to 102.723 due to the positive news from the last Friday NFP fundamentals. Price was quickly knocked down by the negative news on the ISMs late Friday. DXY January candle has done a retracement unto the 61.8%-78.6% (EMA 20) of the December bearish candle. As a result of the retracement on the December candle, the DXY is expected to retest the weekly EMA 200 on the key level 100.500 and as at the ending of last Friday, price was resisted by the weekly resistance. On the Daily, the DXY index is expected to retest the EMA 200 at 101.706 and subsequently retest the key level 101.500 again. The important fundamentals this week are mainly the Thursday's Core CPI m/m and the Friday's PP1 m/m where the economists are projecting a negative news for the CPI. We need to keep an eagle eye on the news this week to make informed decisions.
CAPITALCOM:DXY
by AbeikuGlobal_FX
2