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Unlocking Gold's Next Move Factors at Play in the Marketgold price is gaining momentum in anticipation of a further increase, with the Bull Flag pattern still in effect, giving hope to buyers. The 14-day Relative Strength Index (RSI) is approaching overbought levels, indicating the potential for more upward movement. The immediate resistance for the gold price is at $1,997, which corresponds to the five-month highs. Breaking above $2,000 on a weekly closing basis is crucial for further gains. The next significant resistance level is around $2,020, which represents the mid-May highs. On the other hand, if the price is rejected near the multi-month high of $1,997, it could lead to a sharp correction towards the previous day's low at $1,972. If it continues to decline, the next support level to watch is at $1,963, followed by the psychological level of $1,950. Gold is currently trading above $1,980 as it takes a pause after recent volatile trading. Factors influencing the market include the possibility of Japanese FX intervention, strong US Gross Domestic Product (GDP) data, ongoing Middle East concerns, and positive earnings from Amazon.com Inc. The focus is shifting to US inflation data. The positive market sentiment is partially suppressing the US Dollar and US Treasury bond yields, allowing gold to maintain its positive momentum. Investor optimism is fueled by strong post-market earnings reports from US tech companies, including Amazon.com Inc. Despite geopolitical tensions in the Middle East, including military strikes by the US and preparations for a ground invasion in Gaza, gold remains influenced by broader market sentiment, geopolitical developments, end-of-week flows, and bond market movements. The US Congress has a new Speaker of the House, Mike Johnson, and concerns about a government shutdown persist. While the US Personal Consumption Expenditures - Price Index is on the horizon, it may receive limited attention as the recent US Q3 GDP report already included quarterly PCE inflation figures. The report showed a 4.9% annualized growth rate in the third quarter, surpassing the 4.2% estimate, largely driven by factors such as consumer spending, inventories, exports, residential investment, and government spending. This economic performance aligns with the Federal Reserve's outlook for higher interest rates in the future, even though it didn't significantly impact the US Dollar or Treasury bond yields. Gold initially corrected lower in response to the data but later found support to close slightly higher on Thursday.
CAPITALCOM:GOLDLong
by sabellaFX
Reversal Bearish Flag pattern in GNFCGujarat Narmada Valley Fertilizers & Chemicals Limited Key highlights: 💡⚡ 📈 On 1week Time Frame Stock Showing Reversal of Bearish Flag Pattern. 📈 It can give movement upto the Reversal Final target of Below 562-. 📈 There have chances of breakdown of Resistance level too. 📈 After breakdown of Resistance level this stock can gives strong downside rally upto below 142-. 📈 Can Go short in this stock by placing a stop loss Above 738+.
NSE:GNFC
by TradZoo
BTC daily chart 20 october 2023COINBASE:BTCUSD is performing a rally based on the bitcoin-ETF fake news, passing the 200MA en 50MA line. There was even a positive retest of the 200MA line indicating that this could now act as support. All in all BTC is looking quite bullish. Even though BTC is looking bullish at the moment, we are not out of the woods yet. The next hurdle for BTC to pass is the 31k resistance line. If BTC isn't able to cross this line, it will form a head-and-shoulders or triple-top formation, both of which are bearish. If BTC isn't able to pass 31K we could see a correction towards the neckline around 25K (and if this breaks even further down towards 20K). On the weekly chart we might detect a bearish divergence when looking at the RSI-indicator. While BTC is making similar highs around 30-31K, the RSI indicator is showing lower highs which could indicate a bearish divergence. What's your take on the recent BTC rally? Is it sustainable or will it result in a bearish formation?
COINBASE:BTCUSD
by Bullissimo
#EURAUD H&S pattern confirmationHello, traders. I hope you all had a great week. Let's take a closer look at the EURAUD chart, which currently appears to be forming a reverse Head and Shoulders pattern. One positive aspect of this chart pattern is that the price has formed it within a strong support zone, including the Daily Bullish trendline and the previous Daily market top, which is now acting as support for the price. You can observe both of these elements when you review the Daily time frame. The presence of a bullish chart pattern around a significant low or support area certainly enhances the likelihood of the formation moving in the expected direction. Now, to execute this trade, I would recommend patiently waiting for a retest of the broken neckline and then targeting the minimum one-to-one price target of the head and shoulders target. However, it might be a good strategy to consider taking partial profits along the way up.
Long
by mohemati
4
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NYSE:SCHWLong
by DEXWireNews