This is current gold monthly cycle and as we can see that gold already breakdown the multi years support (1680) and trading below it, from the monthly chart we can see that there is more room for decline from the price action view.
On intraday levels we can expect some pullback /Corrections but in the bigger picture trend will remain bearish as DXY is keep pushing...
As per Elliott wave structure and along with running trend sequence USOIL Crude oil is looking sell now or on rise (if any) with invalidation level of $ 90.17
Also RK's mass psychological cloud is suggesting to go short
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Silver possible wave counts are still suggesting not to go long at these levels, this may correct more, be cautious.
Possible Elliot wave counts on weekly time frame
macd in weekly is negative
Possible Elliot wave counts on daily time frame
macd in daily Negative
Possible Elliot wave counts on 4 hourly time frame
macd in 4 hourly is still below zero...
set up says silver is bullish but we can see some resistances also, trade with small targets or trade with trailing stop loss.
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As per wave structure wave 1 and wave 2 of bigger degree has been completed and now, possibly we are unfolding smaller degree wave 1 of bigger degree wave 3.
It has given breakout with good intensity of volumes on hourly chart. Well, Overall crude oil is looking good to go long at these levels with stop loss of $ 85.70, for Targets of $ 90, 92, 93.70, 97.86,...
Gold Sell trade opportunities
Gold has broken the Support trendline and closed below with a powerful Bearish candle its a good opportunity to take a sell trade with good Risk Rewards
‘Always trade with Stop Loss
#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support
Why we like it
Price trading the 4hr resistance
moving to the next level support
waiting for bearish candlestick formation
Trading in channel
On Weekly Basis:
Gold could enter into bear market soon as it may not hold its crucial support of 1680. Gold peaked at 2070, since then it fell upto 1681. It retraced by nearly one third at 1802 completing impulsive wave 1 and 2. Now it entered in impulsive wave 3 Down. Also, RSI is showing a death cross which happened on 1st July, 2022, 50 DMA crossed over 200...