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Gold sellers should stay hopeful below $1,875Although gold buyers are primed for breaking the five-week-old resistance line, the recent tops near $1,848-49, as well as 200-bar SMA near $1,863, stay ready to test the upside momentum. Also acting as the key resistance is the area surrounding $1,875 that comprises the late January highs. It should, however, be noted that a clear upside break of $1,875 will not only help gold bulls to overcome the $1,900 but will also direct them toward the previous monthly peak near $1,960. On the downside, $1,813 and the $1,800 round-figure can entertain short-term gold sellers. Though, any further weakness below $1,800 will not hesitate to challenge the month’s low surrounding $1,785. It’s worth mentioning that the November 2020 lows and May 2020 high offer the key support area of around $1,765. Overall, gold is yet to convince the bulls.
OANDA:XAUUSDShort
by MTradingGlobal
Consolidation after mega Ralley ? Hit the FIB extension target of 15250 ,made all time high and the revered with heavy sell off in last one hour closing with a red small body candle closing below previous day low The pitch for top channel was hit as well. Gap support exist at 15015-40 levels The fib retracement of last two swings a 23% support at 14850 and 14750 levels The upside targets could be another hit on last switch pitchfork top 15300 and if that is broken coming days could rally towards 15770. Nifty futures data shows it is "long unwinding" where both OI and price decrease is seen which could be a slight bearish indication. Open interest for options dat for upcoming weekly expiry has resistances seen highest resistance at 15500 and support at 15000 and PCR is bullish level of 1.11.Monthlt expiry large put writing seen at 14000K which may be worst fall expected while upside call writing seen at 16000 levels too..(can u believe it) VIX moved up more than 4% in last 3 days indicating greed fear that could lead to volatile moves like today any time during day. IVP is 50% times fallen below during last one year current IV and is still below Historic iv levels which may be still in favor of option buying FII buying continue and selling was more by DII's today.
NSE:NIFTY
by martinpaulhere
NZDUSD battles monthly resistance line on the way to yearly topAlike all major currency pairs, NZDUSD also benefits from the broad US dollar weakness during the early Tuesday. In doing so, the pair buyers attack an upward sloping resistance line from January 13, currently around 0.7260. Should the kiwi bulls manage to cross the immediate hurdle, backed by upbeat MACD, the quote may not hesitate to challenge the multi-month top marked in January around 0.7315. During the NZDUSD run-up beyond 0.7315, the April 2018 peak surrounding the 0.7400 threshold will be the key. Meanwhile, a 200-SMA level of 0.7180 can test short-term sellers during the pair’s fresh pullback moves. However, any further weakness will be questioned by an ascending support line from January 18, at 0.7110 now. Also acting as the downside filters could be the lows marked the previous month around 0.7105 and 0.7095. Overall, NZDUSD is up for a fresh bull-run but buyers should wait for a clear run-up beyond 0.7260.
Long
by MTradingGlobal
EURUSD fades bounce off 100-day SMADespite marking a corrective pullback from a two-month low on Friday’s mixed US employment data, EURUSD bears aren’t disappointed as the bounce fizzles on Monday. Also favoring the bears is a downward sloping trend line from January 06. It should, however, be noted that fresh selling should wait for a clear downside break of 100-day SMA, at 1.1960 now, before targeting November 2020 high around 1.1920. Alternatively, a 50-day SMA level of 1.2145 adds to the upside filter even as EURUSD bulls manage to cross the aforementioned resistance line near 1.2100. While a successful break above 1.2145 enables the buyers to challenge the yearly top surrounding 1.2350, the late January peak close to 1.2190 filters the upside momentum. Overall, EURUSD’s recovery moves fall short of convincing the optimists.
Short
by MTradingGlobal
200-SMA set to test GBPUSD pullback on “Super Thursday”GBPUSD refreshes a two-week low on the key “Super Thursday” dominated by the Bank of England’s (BOE) quarterly moves. With the increased hopes of BOE’s hawkish comments, based on the UK’s vaccinations, GBPUSD may bounce off the key SMA support. However, the weekly resistance line near 1.3650 could restrict further recovery moves before recalling the 1.3700 threshold on the chart. In a case where BOE Governor Andrew Bailey sounds too optimistic and rejects negative rate hopes, a one-month-old ascending resistance line near 1.3775-80 and the 1.3800 round-figure should gain the market’s attention. On the contrary, any disappointment from the “Old Lady”, which is highly feared, can challenge the yearly low near 1.3450. Should the BOE-led disappointment gains support from the USD’s strong run-up, mainly due to its safe-haven demand, GBPUSD might not hesitate to challenge December’s low 1.3133. During the fall, 1.3430, 1.3300 and 1.3180 can act as buffers. Overall, GBPUSD trades near the key support on a very important day and hence cable traders should remain cautious ahead of the event.
Long
by MTradingGlobal
AUDUSD stays depressed inside three-week-old falling channelDespite no change in RBA’s interest rate announcement, AUDUSD remains depressed below a short-term bearish chart formation. The reason could be traced from the RBA statement suggesting the downward pressure on the inflation target, which in turn pushed the Aussie central bank to extend the Quantitative Easing (QE) beyond the current expiry of April by the same $100 billion bundle. That said, AUDUSD bears are currently targeting the support line of the stated channel, near 0.7575. However, any further downside is less likely amid market optimism. It should, however, be noted that a sustained weakness past-0.7575 will direct the quote towards late-December bottom surrounding 0.7460. Meanwhile, a confluence of one-week-old falling resistance line and 200-SMA, around 0.7675, offers a tough nut to crack for the AUDUSD bulls. Also acting as the key upside barrier is the upper line of the aforementioned channel, at .7735 now. In a case where the market’s upbeat sentiment propels the quote beyond 0.7735, January’s multi-month top above 0.7800 will be refreshed.
Short
by MTradingGlobal
Technical Analysis: 100-DMA stops gold from being next silverAlthough an ascending trend line from March keeps challenging gold sellers, 100-day SMA raise bars for the bull’s entry. Considering the improvement in RSI conditions and upbeat MACD, gold is likely to follow silver’s jump to the highest since August. However, a clear break above the 100-day SMA level near $1,880 becomes necessary for the bulls. It’s worth mentioning that the run-up to August high near $2,075 will have a descending trend line from the mid-September, around $1,955, as the key hurdle to cross. If at all the yellow metal remains below $1,878 immediate resistance, odds of its downside break to the key support line, at $1,835 now, regain market attention. Should that happen, which has fewer back-ups, the November low of $1,764 will return to the charts. In doing so, the $1,800 threshold can play as an intermediate halt during the fall whereas June 2020 low near $1,670 may lure gold bears afterward.
OANDA:XAUUSDLong
by MTradingGlobal
AUDUSD teases weekly support inside short-term falling channelWith the virus-led risk-off weighing on the Antipodeans, not to forget the surprise drop in the Aussie retail sales, AUDUSD sellers attack an upwards sloping support line from Monday, currently around 0.7733. While expectations of the continuous cautious sentiment favor the pair’s further weakness, the 0.7700 round-figure and lower line of a descending trend channel formation established since January 06, near 0.7650, probe the AUDUSD bears. In a case where the quote remains weak past-0.7650, the 200-SMA level of 0.7630 will be the key to watch. Meanwhile, an upside clearance of the stated channel’s resistance line, at 0.7780, needs to refresh the monthly top of 0.7819 to regain the AUDUSD bulls’ confidence. Following that, AUDUSD buyers will get a green signal to challenge the March 2018 peak surrounding 0.7915. It should also be noted that the 0.8000 psychological magnet will gain the market’s attention once the pair rises beyond 0.7915.
Short
by MTradingGlobal
Gold buyers should stay cautiously optimisticGold rises to the fresh high in two weeks following a stellar rise on Wednesday. In doing so, the yellow metal crosses 50% Fibonacci retracement of its November-January upside amid upbeat RSI and MACD conditions. Also favoring the bullion could be the market optimism backed by Joe Biden’s arrival in the White House as the 46th President of the US. Even so, 100-SMA around $1,878 guards the quote’s immediate upside amid nearly overbought RSI conditions. Even if the bullion rises past-$1,878, the $1,900 round-figure and a horizontal area around $1,907 also probe the bullion buyers ahead of the monthly peak surrounding $1,960. It should be noted that the fears of the coronavirus (COVID-19) and the US-China tension are also on the table to challenge gold’s latest rally. Meanwhile, a clear downside break of 50% Fibonacci retracement level around $1,860 can drag the gold prices back to the weekly support line near $1,840. However, any further declines will have to drop beneath the 61.8% Fibonacci retracement level of $1,838 to direct bears towards the monthly low of $1,803 and the $1,800 threshold. Overall, gold prices are in an uptrend but short-term consolidations can’t be ruled out.
OANDA:XAUUSDLong
by MTradingGlobal
GBPUSD consolidates gains within 10-week-old uptrendGBPUSD keeps bounces off 200-SMA while picking up the bids near 1.3540 during early Tuesday. The cable dropped to a two-week low before recovering from the key SMA. Not only the quote’s ability to take a U-turn from important technical support but an upward trajectory portrayed by an ascending trend line since November 02 also favor GBPUSD buyers. Hence, a one-week-old falling resistance line, at 1.3605 now, offered an immediate upside hurdle to the sterling buyers ahead of directing them to the multi-month high, flashed earlier in January, around 1.3700. It becomes needless to mention that the March 2018 low near 1.3715 adds to the upside filters. On the flip side, a clear break below the 200-SMA level of 1.3450 will direct GBPUSD sellers towards the stated medium-term support stretched from early-November, currently around 1.3320. In a case where the UK’s covid woes propel the global rush for risk-safety and favor the US dollar rally, taking the quote below the 1.3300 threshold, the pair might not hesitate to question December lows surrounding 1.3130.
Long
by MTradingGlobal
Gold bears catch a breather but 200-SMA guards immediate upsideHaving recently dropped to the early December 2020 lows, gold prices bounce off $1817 to currently around $1840. Even so, the corrective pullback stays below 200-SMA. Other than the SMA breakdown, bearish MACD and a downward sloping trend line from last Wednesday also favor gold sellers. As a result, the yellow metal is up for a fresh decline targeting the $1800 threshold on the downside break below a horizontal area comprising multiple levels since November 25, close to $1817. In a case where gold bears refrain from stepping back around $1800, late November lows near $1789 and $1765 should gain the market’s attention. Meanwhile, a clear break above the 200-SMA level of $1860 will eye to regain the $1900 round-figure. However, a short-term resistance line, near $1,881, adds to the upside filters. Even if the gold buyers manage to reach the $1,900 mark, there are multiple hurdles to the north between December’s peak of $1907 and November’s high surrounding $1965 that will offer a bumpy ride afterward. To sum up, gold prices have dropped below the short-term key support and are ready for further weakness.
OANDA:XAUUSDShort
by MTradingGlobal
Gold sellers aren’t invited beyond $1889Although pullback from $1959 directs gold sellers to attack a confluence of 50-SMA and an ascending trend line from November 30, currently around $1,908, the yellow metal bulls keep the reins until the quote drops below a joint of 200-SMA and 61.8% Fibonacci retracement level near $1889. Ahead of that, multiple highs marked during late-November and December of 2020, around the $1900 threshold, can also challenge the downside momentum. Above all, the hopes of US stimulus and the ability to tame the coronavirus (COVID-19) backed by stronger vaccines also back the bullion buyers. Meanwhile, $1930, the $1959 and November high near $1965 probe short-term upside of the yellow metal. It should, however, be noted that a clear run-up beyond $1965 will not hesitate to probe the $2000 psychological magnet. During the rise, highs marked in September around $1973 and $1992 can offer breathing spaces to the uptrend targeting the year 2020 peak near $2075.
OANDA:XAUUSDLong
by MTradingGlobal